Home » 12 Ways on How to Close a Month in QuickBooks.
12 Ways on How to Close a Month in QuickBooks.
Month end bookkeeping is an integral part of getting started with quickbooks. It is like that feature of function in better terms which shouldn’t be ignored as it keeps your account clutter free and organized. This is not the end, with this task at hand, you will have an easier route to preparation of taxes end of the year.
Monthly records should be cleared of with no failure. Having this accomplished, you are relaxed about what needs to be done next. Few steps that make your way to an awesome business management are listed below-
How to close a month in Quickbooks…?
Accounts receivable is the first step to be followed. With this, you should ensure that all the invoices of work of each client for the month are prepared. To be free from any loop holes, it is not wrong to double check any client related transactions
Accounts Payable is the next step to ensure that every bill has been paid. It must be checked that all bill paid automatically or any recurring payments like loan payments, monthly car insurance payment and many more have been posted to QuickBooks. Reconciling any outstanding bills of vendors to accounts payable and balance sheet is a great way to avoid any miss
Reconciliation of bank accounts and bank loans coupled with line of credits is another step to closing your month successfully
Fixed assets like monthly depreciations needs to be checked and recorded
It is also important to keep a record of monthly journal entries in order to allocate prepaid income and expenses
If there are any uncollectable invoices, then it should be added to bad debts using a Credit memo in QuickBooks
Checks and invoices are always in serial numbers. While entering the details in the record, if you find any detail missing, probe into the matter and find the reason of the default. Ensure that such blunder is never committed in future
While doing a rain check, if something striking like unusual balances, missing items, the it is a must that you have a closer look and adjust to be make the statement look right
Budgets are to be updated every month. If you find that any budget is not appearing in the sheet and it is off for the month, don’t wait to make the adjustments instantly
Now is the time when you will finally close the month. On QuickBooks, under the Company tab, you will see Closing Date feature. You need to select this option as it will be necessary to have a look into your previous month and at the same time, you can set a password to keep it safe
The final step which many people skip is the process of backing up your monthly report. This can help you to keep a track of the business trend
The above listed step by step process gives a bird eye view of what is happening and how is it happening? When you get to know the what and how, you are closer to a perfect monthly closure in QuickBooks. As we say everytime, if you face any issues using quickbooks then get in touch with us at quickbooks pro support number in canada at 1800-940-7442
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