QuickBooks Closing Date

Have you finished your books for 2008? If you have you want to make sure your yearend data matches your tax return. A great way to avoid inadvertently making changes to the final numbers in 2008 is to set a closing date on your QuickBooks account. This is very simple and can save you and your accountant a lot of time later. Here is how to process in QuickBooks:

• Choose Edit, then Preferences.
• Choose Accounting, then Company Preferences.
• At the bottom of this window you will be able to see if a closing date has been set and as of what date.
• Click Set Date/Password.
• Enter Closing Date i.e. 12-31-2008.
• Enter Password.

Although setting a password is optional we STRONGLY recommend you set a password. This will create a prompt if you do try to change numbers prior to the closing date.

A common password we use for this to remind you to call your accountant with any questions is to make the password “ask” and your accountant’s name. i.e. asksarah.

We would recommend this be done once you have completed all your accounting tasks and all your W-2’s and 1099’s have been processed.