Monday, January 30, 2012

QuickBooks: Locking the File after It Has Been Officially Closed

We are in the throes of preparing the data files to be reviewed by the CPA. That means all the changes or corrections that need to be made for the year should be done. When you send your data file to the CPA, consider that file officially closed for the year.

Your CPA will then work on the information provided, and they don’t want you going back in and changing OR deleting anything that relates to that year. If you change an old invoice or delete a duplicate bill, you’ve done just that.

QuickBooks provides a way to “lock” the data file to avoid making changes to a closed period. It is a feature called the “Closing Date” and it is very easy to use.

To do this task
1. Open the accounting preferences.
2. Click the Company Preferences tab.
3. In the Closing Date section, click the Set Date/Password button.
4. In the Date section, select the date through which you want your books to be closed.
5. (Optional, but recommended) Enter a password in both the Password and Confirm Password fields to limit access to the closed accounting period.
6. Click OK.

TIP: You will need to change the date in the “Closing Date” field manually at the end of each closing period. QuickBooks does not do that automatically for you. Set a Reminder (Company > Reminders) to ensure you don’t forget to update this critical box!

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