Often times clients and business owners I train on QuickBooks Online ask if there is a way to close the books on a monthly basis in QuickBooks Online. And the answer is yes.
The main time to close your books is at the end of the year after the tax return is completed. Once your return has been filed your financials should not be changed. That means no transactions should change at all.
Depending on your processes in your accounting department and the number of employees who have access to your files, you may want to close the books more frequently such as quarterly or even monthly. The steps in this week’s tip for #TechTalkTuesdays will show you just how to do that.