To close the books from the home page screen: Click the Gear icon > Company Settings. Select Advanced > Accounting > Close the books. Enter a Closing date. Transactions dated on or before the closing date can’t be changed without warning. Choose how you want to allow changes: Choose Allow changes after viewing a warning to display a warning message… Continue reading How to close down a prior period with a password
Accounting methods Cash basis and accrual basis are accounting methods that determine when and how you report income and expenses for tax purposes. The IRS wants you to use the same method each year when reporting income or loss. You should talk to your accountant about which is most appropriate for your business. What is… Continue reading How do I change the accounting method for my company in new QuickBooks Online?