So "closing the books is not a big thing anymore" but... what about the owners pay account? It still shows a balance. Shouldn't we empty it out to the retained earnings or something? I can't just use the balance sheet with that huge number there from previous years, that's be crazy
I think you are right, there. what about owner's pay account? it shouldn't be left like that. Then I would need to use a separate report from 01-01-19 to 12-31-19 to avoid seen number from 2018
Then there will be the risk that you edit an old transaction from a previous year. The main point of closing books in QBO is that, avoiding touching previous years books (especially because that info was already sent to IRS and should stay the same in your books otherwise would be kinda illegal to change it). Before technology, there were many other reasons to close books
Flora, it is still termed the Exceptions to Closing Date report under Accountant Tools > Reports > For My Accountant > Exceptions to Closing Date. HOWEVER, it is only listed if/when you set a Closing Date. If there is no Closing Date entered per Gregg's video, the Exceptions report will magically disappear from the For My Accountant list of reports. I know this because I once spent a morning looking for the thing! Ha!
So no closing journal entries
You were very clear.
I appreciate the pep talk in the beginning
good stuff
So "closing the books is not a big thing anymore" but... what about the owners pay account? It still shows a balance. Shouldn't we empty it out to the retained earnings or something? I can't just use the balance sheet with that huge number there from previous years, that's be crazy
I think you are right, there. what about owner's pay account? it shouldn't be left like that. Then I would need to use a separate report from 01-01-19 to 12-31-19 to avoid seen number from 2018
if i forget to close the books, how often does quickbooks do it?
Hi i closed my books, but my dashboard isnt at $0 like yours. Am i doing something wrong ?
What happens if you leave closing the books off? And never close your books?
Then there will be the risk that you edit an old transaction from a previous year. The main point of closing books in QBO is that, avoiding touching previous years books (especially because that info was already sent to IRS and should stay the same in your books otherwise would be kinda illegal to change it). Before technology, there were many other reasons to close books
Gregg, is there a new name for this 'exceptions after closing date' in a newer version?
Flora, it is still termed the Exceptions to Closing Date report under Accountant Tools > Reports > For My Accountant > Exceptions to Closing Date. HOWEVER, it is only listed if/when you set a Closing Date. If there is no Closing Date entered per Gregg's video, the Exceptions report will magically disappear from the For My Accountant list of reports. I know this because I once spent a morning looking for the thing! Ha!