Hey, it's Candus and in today's QuickBooks tips and tricks,
I want to teach you how to create a closing date.
So the purpose of this
is at the end of the year,
you create a closing date.
And then you never go back in and adjust things
without needing to put a password in.
This keeps you from accidentally changing things after the fact,
because you want everything to match exactly what you gave your tax professional
for your taxes.
So you can even do this after you've given your taxes to your tax professional,
they've given them back, you've made any adjustments,
then you're gonna do your closing date.
So come look over my shoulder, and I will teach you how.
Alright, so let's go on, it's super simple. So you want to make sure that
you do your closing date, after you've looked at your profit and loss
everything is the way you want it to be
and you just don't want to have to make any more changes or accidentally make a change.
So you're gonna click on company.
and you're gonna go down to set closing date,
and you're gonna click on that
and you'll notice that it brings you into the preferences,
you can also get here from the preferences and accounting,
you come down to the bottom and it says set closing date, date,
which books are closed, and it has a date.
So you're gonna hit
set/password,
and then what it's gonna ask you here
is
to keep your financial data secure, QuickBooks recommends assigning
all
other users their own username and password.
So it's just saying, hey, if you have other people who are using your QuickBooks,
make sure they have their own
username and password.
So that way,
you can differentiate like an administrative person versus somebody else.
Alright,
then it's gonna say,
it has a little checkmark here,
QuickBooks will display a warning
or require a password when saving a transaction dated on or before the closing date
and this can exclude estimates, sales orders or purchase orders from closing date
restrictions, that's up to you,
then you're gonna choose a date,
let's just say we pick
October 31st, because we're in the month of November right now
and then you're gonna enter in a password
and this password
will be the password that everybody needs to know
when they
want to enter a transaction.
So if I pick October 31st as my closing date.
If I try to enter transaction
on the 31st of October, or
anything prior to that,
it's gonna require a password.
Typically, you only do this
at the end of every year after everything's been entered,
just so that you don't accidentally go in
and
when you're doing your data entry, you pick the wrong year.
So just make sure all your data entry is correct.
Because otherwise,
every time you'll have to go in here and put a password in.
So you click OK
and that's it.
So I'll show you what would happen. If I go into write a check.
In the write check screen.
We'll just leave that's fine. That number.
And let's call it
first
When I go to save this,
I'm gonna act like I'm writing a check real quick.
It will say,
hey, you have to enter a password and then
the benefit to this is you would go Oh shoot,
I'm in the wrong year.
So once, once you've completed, say the year 15 and now you're working in 16.
If you
enter closing date,
or just say even 14
right now,
you're almost within the 15 you know, everything's been entered for 14
set a closing date for December 31st to 14,
then you won't make any changes
in the 14 year,
then you can only make changes in 15.
When you get into 16 change your closing date to,
to the end of
December 31st of 15
and you just won't have any problems with accidentally changing anything
that could affect for your tax purposes.
So I hope this tip has been helpful.
If
you enjoyed it, please share it with someone you know who could benefit from it.
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I will talk to you soon.
Have an amazing day.
Take care
bye-bye.