How do I close year-end in QuickBooks Desktop?

close year-end in quickbooks

To close the books in QuickBooks Online, follow these steps:

  • Click the Company name in the upper-right corner (gear icon).
  • Account and Settings should be selected.
  • Put a checkmark in the Close the books box under the Accounting section of the Advanced tab.
  • Make a note of the closing date.
  • Set whether or not a password is required to make changes to previously completed transactions.
  • Save the file.
  • After that, click Done.

How do you do closing entries in QuickBooks?

There is currently no option in QuickBooks to prevent this from happening. However, there is a technique to exclude the Retained Earnings from the report. Here’s how to go about it:

  • Click the Customize Report button in the report window.
  • In the Display tab, make the necessary changes.
  • Select the Filters option from the drop-down menu.
  • Look for the Account option in the Filter menu and pick it.
  • Select Multiple accounts from the Account drop-down menu.
  • Click the Select All button in the Select Account window. Then type Retained Earnings into the search area.
  • Uncheck the account for Retained Earnings.
  • Click OK twice, then hit the report’s Refresh button.

Finally, having the ability to define the specific facts you want to view on a report before accessing it could be beneficial in QuickBooks. After all, user feedback is significantly responsible for improvements to QuickBooks functionality.

Does QuickBooks automatically close year-end?

You don’t have to worry about closing your books at the end of each fiscal year with QuickBooks Desktop. To prepare for the coming year, QuickBooks makes automated modifications.

Adjustments after the year QuickBooks performs this automatically: QuickBooks makes year-end changes based on the start month of your fiscal year.

  • QuickBooks zeros out your Income and Expense accounts at year’s end so you start the new fiscal year with zero net income.
  • To your net income, QuickBooks generates an adjustment entry. If your profit for the year was $12,000, the equity portion of your Balance Sheet will show a line for $12,000 in net income on the last day of the fiscal year.
  • QuickBooks increases your Retained Earnings equity account by the previous year’s net income ($12,000 in this example) and decreases your net income by the same amount on the first day of the current fiscal year. In this manner, you begin each fiscal year with a zero net gain.

Closing Entry: 

  • Closing entries transfer the balance from the Income and Expense accounts to Retained Earnings at the end of the fiscal year. The goal is to zero out your Income and Expense accounts before adding your net income for the fiscal year to Retained Earnings.
  • After you’ve recorded all of the adjusting entries, you’ll make closing entries. You cannot enter any entries for that fiscal year after the books have been “closed.” Some applications forbid you from making any entry, even if it corrects or improves the accuracy of your readers. QuickBooks Desktop allows you to record transactions that affect the balance of a closed fiscal year, but it either warns you that doing so isn’t a good idea or prompts you for the closing date password if you have one set up.
  • QuickBooks Desktop does not have a transaction for the closing entries it generates automatically. When you run a report (for example, QuickReport of Retained Earnings), the computer calculates the adjustments, but you can’t “QuickZoom” on these transactions, unlike the manual modifications you recorded. Select the report, then Company & Financial in QuickBooks Desktop for Mac. The retained earnings account will be shown in the Equity part of the Balance Sheet Standard.


In conclusion, QuickBooks Desktop software has always been the top-selling accounting software in the U.S.A., U.K. and Canada. The whole idea of this blog is to help you understand the closing or how to do the closing of the year-end in QuickBooks Desktop software. I hope that this blog helped you and was worth your time.

Share this Link:

416 thoughts on “How do I close year-end in QuickBooks Desktop?”

  1. In agreement with the author, other users like his programming, which is meant to serve the general public, while enjoying the media industry.

    Xtreme Media Player 1.0.4 – media player review


    Aug 11, 2012

    4.0 / 5

    Xtreme Media Player is a program designed to help you play audio tracks in a user-friendly environment. It supports several file types, including W

    6add127376 surwer

  2. Video Converter Master appreciates the great amount of sharing sites like YouTube, Vimeo and TED videos. Once you have converted and uploaded your videos, share them on Facebook or Google+, let others know about them by sending a short email to friends or colleagues.Design of multihybrid and polyhybrid gels for encapsulation, delivery and culture of plant cells.
    Multihybrid and polyhybrid gels offer a formidable vehicle for constructing multilayered gels

    6add127376 quimodr

  3. RealPlayer, now part of the RealNetworks brand, has enjoyed long and distinguished service as a media player in Windows since its first release in 1994. The product originally used Microsoft’s WMDP platform for playing media files, and later added Real Audio and RealVideo support to the product. Previous releases allowed users to play movies and music videos, but there was no video editing; in newer versions, these advanced functions were added.
    RealPlayer has many features found in video production software and

    6add127376 rayreni

  4. Requirements:
    Operating system: PowerPC or x86 (Windows 95, 98, ME, 2000, XP, 2003, Vista, 7, 8, 2012)
    Buy How to Make a DVDRip CD for $5.00

    ↑ Back to top

    3. Computer setup solution

    Prices Start at: $49.95

    Dead hard drive. Software backup solution. Restore Internet files. It’s all in one! What makes this a stand out

    6add127376 vinode

  5. 1. Field of Invention
    The invention relates to video technology, and in particular, to a method and an apparatus for executing a video file with a user touch in a mobile terminal.
    2. Related Art
    Recently, various mobile terminals featuring a camera have become more and more popular. The main object of the camera is to take pictures. In addition, more and more complicated functions have become popular, such as editing the taken picture or adding a comment to the taken picture.
    As the

    6add127376 dalanan

  6. However, for most purposes, Fretway Decomposer can be used as a reliable and convenient tool.Q:

    Find the number of solutions in $\mathbb{N}$ of equation $n=1+2+3+\dots+k$

    If $n \in \mathbb{N}$ and $k$ is a natural number, find the number of solutions of equation $n=1+2+3+4+\

    6add127376 carywann

  7. Unfortunately, most of us don’t know how to use that. In my opinion, it’s time to share and learn about some basic program with other.

    In the header of this post are direct links to download this small (16-23 MB) application.

    1. Download and setup dll

    After downloading and installing, open up a command prompt and go to your ip-spy.exe folder

    6add127376 kandarr

  8. The app was not found in the store. 🙁 Go to store Google websearch

    Related to this app

    SketchBook Pro Screen Recorder for Mac Free – Sketches, designs, plans, and more are easier to make with a drawing app that knows what’s important. SketchBook Pro is a powerful drawing app that makes your drawing simple and fast. Its innovative pen, marker, and Brush tools work together to create intuitive, modern art that looks

    6add127376 warjan

  9. Best of all, the tool does not need additional tools or installations; you can run it as a stand-alone application, install it on a Windows 2000/XP/Vista (SP1 or SP2) or Server 2003/2008/2008 R2 workstation using the $30 setup version or the entire Windows Server 2003/2008/2008 R2 product set at a very low cost.

    Björn Kliebau

    Björn Klieb

    6add127376 norrblan

  10. Collect the fish and the chicks. Open the big Red Squirrel shaped draw by using the corresponding buttons on your computer. You are

    This application will enhance your desktop displaying images from the famous movie Catch And Release. Give your desktop a new look!
    If you are a fan of the Catch And Release, than this is the screensaver for you. Keep these famous characters on your desktop for as long as you want.
    Collect the fish and the chicks. Open the big Red Squirrel shaped

    6add127376 darielly

  11. The only downside may be that it’s not compatible with all audio formats. The program can only deal with MIDI music files.

    Playground Sessions combines audio playback and audio editing, allowing user to compose and record their music and then mix the audio themselves. Apart from recording conventional music theory, students can choose between 2 different notation styles with Standeled and Roman notations.

    Glampak Midi Editor is a program for notating music by hand. The music notation program

    6add127376 humber

  12. Bikerz Fall Radio

    Bikerz Fall Radio is an electronic compilation album released by the Violent Femmes in 1994, and is the last album
    released under this name. It blends 6 songs from previous videos with newer songs including the singer-songwriter vibe they had experimented with on Violent Reaction (released the previous year).

    Track listing
    All songs by Victor Moscoso, except where noted.
    “Crash” – 3:59

    6add127376 shaanni

  13. For adding more features, human-readable lists and tables can be generated using the program. Once the conversion is complete, they are added into zipped files named jar.


    Category:Binary data
    Category:Archive formatsQ:

    How to synchronize NSFetchedResultsController calls on different thread?

    I have a singleton NSManagedObjectContext and NSFetchedResultsController and a view controller.
    I have also NS

    6add127376 vinlei

  14. Using snremove.exe to remove the strong name signature references is the best solution if you need to modify a manifest (.manifest) for a dll/exe file since the strong name signature is the only reason why the file won’t be allowed to be modified or even executed.

    João Nepomuceno

    João Nepomuceno (born 20 June 1943 in Rio de Janeiro) is a retired Brazilian football player.

    He is the father of former

    6add127376 ningsoo

  15. NOTE:

    Open the page of the publisher in a separate window for further downloading from Mediafire.Q:

    Winning and losing a coin toss

    I have been trying to figure this out:

    A fair coin is tossed 2 times.What is the probability that in
    both tosses the outcome is tails and consequently the probability that
    after the first toss the outcome is tails and after the second toss
    the outcome is tails?

    My first inclination was double the probability of the 1st toss being tails, and then the probability of the second toss being tails

    6add127376 gilnela

  16. It consists of many thousands of icons covering a wide range of software on Mac OS X. Also, the more than 200 icons are sorted by categories like Office, Games, Internet, Image & Video, File & Folder, Programming, System and Fonts. And the icon collection is great because they are all MacOSX icons that follow the Cocoa or Carbon UI standards.

    From time to time, Corelbits publishes new Windows icon collections on its website. If you are looking to download 05e1106874 madray

  17. Skype is a simple to use application. It allows you to easily chat with your friends without having to leave your current desk.
    Moreover, it automatically sends the messages through your computer’s network.
    Major features:
    Displays the Skype contacts.
    Hide all the Skype contacts that are not online.
    View message.
    Provides Skype info.
    Provides chat status.
    User-friendly application.
    Free and compatible.


    The latest version of the 05e1106874 efrpatr

  18. A:

    Adobe Indesign can do export directly to Rhino, Meshmixer, and STL. So for you, the software is likely to be the more difficult part (for the software to support you), over all the next option will be in what print format is desired.
    As for a 3D printer, most open source scanners are less than $1,000. If you want a commercial scanner, you might be able to get one for about $1000,
    66cf4387b8 pipinde

  19. Outstanding features of NirCmd include its memory-friendly design and user-friendly layout that will even win over new users.

    Mini-Synth Plugin to make your browser-player look like a DAW.

    Inferno by Hanz Zimmer is a stunning VST plugin made by the legendary composer of composer Hans Zimmer. The plugin features Brian Maloney’s famous guitar sound in power metal mode, allowing you to make fantastic album productions using a
    66cf4387b8 cicgar

  20. “Whenever I look up a general term in a dictionary, I am surprised. Sometimes I may see something that I did not even realize I was looking for…” – Saint Jerome, in his Letter to Siruvos.
    This version now has a link to the Glossary
    If you think there is something missing, or a term is misclassified, please contact us. We are interested in any information sent to us and received us
    If you have a translation entry that you
    66cf4387b8 biblyes

  21. The Democratic Convention has concluded and the candidates are striving to maintain their current, well-earned, position in the leadership of the party. The fight is on, literally and figuratively, and the conventions are, for many, just the first of a series of battles for the party leadership. But in the midst of such a heated contest, the public is standing with the Party in demanding respect and reverence for scientific knowledge, historical perspective, political transparency, even occasional humor.

    As such
    66cf4387b8 eloigilm

  22. If you have no idea about how to set up the desired WOL settings, then you are going to have to contact the computer technician who put it in place the first time.
    There are lots of Wake on LAN utilities available on the market, but this one remains one of the most interesting options. It offers an excellent and simple to use application with no issues. The best part is that it shouldn’t cost much.
    | class=CenturyLink
    | class=Big
    ec5d62056f octremm

  23. Think of it as a reliable but modestly priced way to learn a second language. After all, who says you need to spend a large amount of money or time in order to learn another, when you can do it in a few minutes a day.
    This inexpensive versatile software solution is definitely worth giving a try.

    Need help writing your book? This is the app for you. Handwrittenby has always been my favorite for writing paper notes and writing notes in a jotting
    ec5d62056f fiorgar

  24. A cleanly organized interface and an extensive selection of similar solutions to make your work easier.
    Disclaimer: This app requires Mac OS X 10.12 or higher to run.

    You are the Secretary to the Supdug Squad!
    Your task is to design an exciting pitch which will be used to persuade the public to support your division of Supdug.
    Download the web app and find the Supdug Games touchstone logo and then start designing your unique pitch below.
    ec5d62056f naparm

  25. The maximum number of icons shown simultaneously is six, which you can adjust by pressing the right mouse button on this tool. When one icon is in focus, you can either save it, restore it from the systray, or press Enter to toggle the visibility.
    HideIt is ad-free.

    Allright, HideIt can manage a large number of windows, make use of multiple desktops, and make it possible to have lots of windows open simultaniously. Does it
    ec5d62056f bertzac

  26. Q:

    Deselect Indexed Form Field on Enter Key

    I use a FormControl input for an index and so everytime I hit the enter key or type, the value of the FormControl reflects changes. I can use e.preventDefault() to prevent changes in the format however I would like to use a selectBox to deselect it before the input changes on Enter.
    One simple solution I have up to date is to use FormArray to encapsulate all
    ec5d62056f corpheo

  27. Top Best Screensavers for Windows 10

    Best Flow Bubbles Screensaver

    A strong and steady screensaver that lets you come back to nature and relax. When you use Flow Bubbles Screensaver, you can feel like you’re at the heart of a beautiful ocean with thousands of lively bubbles surrounding you. Imagine that you’re in a beautiful beach and let the waves flow peacefully on your desktop.
    • Choose from a wide range
    ec5d62056f tamdei

  28. It’s not like Maxthon or any other browser would be happy with that, and the reason for that is simple: they don’t want anyone to make data for themselves available to outside parties, including the likes of the NSA and others.

    The point here is that by default turning on TLS 1.2 is a much safer measure to secure your connections. Some of the better browser vendors have made it easy to turn on this level of security as well.
    You can find
    ec5d62056f latochan

  29. In most cases, you should be able to run Bootable USB Test without problems, and even if there is a problem or if you detect a security warning, this tool should still run successfully.

    This article is copyrighted by Microsoft and is only for educational purposes or for evaluation of the device. A complete license agreement can be found in the file “Quirks Details.txt” found in the root folder of Windows 10 install media.
    User feedback and discussions are available on Microsoft
    ec5d62056f taijfort

  30. I have been using Readlax for a while now, and if you are one of those people who love books and can’t get enough of them, it might be worth your time to download and give it a try.

    A little history with books
    The book is nothing new. Technically, it has existed since ancient times, even if reading wasn’t common.
    It didn’t take long before the practice gained popularity and all over the world,
    ec5d62056f dorohed

  31. SnapLock iPhone iCloud Account Recovery –

    If you’re experiencing an issue signing in to, there are a few reasons this can happen. Sometimes if you attempt to sign in to before you have navigated to the right spot, you’re presented with a message that you need a new Apple ID – which is great, because this is the correct issue. But if, however,
    ec5d62056f righull

  32. Because it has been created to work with Internet access, it’s able to operate online or offline. You can install the app and immediately access all the relevant data.
    After the initial installation of the application, you may be asked to restart your computer to recognize the new application. In this way, the application won’t prevent Windows from updating its clock and will allow you to adjust your time and take action accordingly.
    In addition, the application won’t display the typical Windows Update settings panel
    50e0806aeb burndev

  33. If you use the same computers and networks for a while and want to automatically open all accessible ports on start-up, so you don’t have to memorize which are they, ElephantPort is a good solution, but not the one for those that want to open a lot of ports to and from their internal network. If you intend to use your wireless router as a virtual access point for several computers with a specific IP range, this is the application you need. [read more]
    50e0806aeb elfcay

  34. The… preview application is Avidemux, it’s a simple, powerful and free software that can be used by anyone. It’s an intuitive and user-friendly application that allows the user to edit and convert sequences of arbitrary format and codecs, to extract bitmaps from a video stream, to use filters to edit files or to record an application output, among other possibilities.
    Thanks to the Avidemux project, you can create a video editor that can satisfy the
    50e0806aeb uranfab

  35. Changelog
    Version 1.2 : Fixed bug #5707, restarted Winamp (Windows),
    Version 1.1 : Fixed bug #5003, Windows Vista,
    Version 1.0 : Citrus DSP’s first release.

    The Plugin
    In the “Citrus” tab, the user can choose “EBS” (Extra Bass Synthesis) or “VST” (Virtual Studio Technology) format. For Windows XP and earlier versions, Citrus DSP is only supported in VST format. If you experience problems, try to update the version of Winamp to the latest
    50e0806aeb warwfran

  36. The diagram is a visual representation of the dependencies, which can be easily exported as an image to be used in reports.
    Why are there three versions of Tabular?
    Tabular is the creation product for Microsoft SQL Server.SPSS and SPSS.EDR are both Microsoft’s own products. SPSS.EDR is the enterprise edition version. The main difference between Tabular and Tabular Enterprise Edition is the power of Tabular.
    What if another database is
    50e0806aeb otaicail

  37. You can set the number of times when each website and links should be checked.
    You can set hot keys to activate/deactivate Auto Surf mode and save/restore the browsing history.


    You are free to add new websites and links to this software.
    Feel free to add more features to the software.
    Send me your ideas and feedback.


    This software is licensed to you strictly for the use of verifying links on websites.
    50e0806aeb eldstep

  38. When you receive photographs or edited images as digital files, you can draw a limited number of interesting and creative effects with this program. Adobe Photoshop allows us to perform a whole variety of actions, edit colors and make various modifications, but if you want to make your photos look really cool you can try PS Collage’s latest free version.
    Accelerate your design
    With refined tools, the application can color an image’s areas of varying shades. The highlights are automatically adjusted, and
    50e0806aeb catwin

  39. MCI_dump is a pretty little utility that is capable of dumping or extracting files from a multimedia card.
    It’s safe and user-friendly, due to its simple interface. In order to start the process, you need to locate the media card in the Device Manager and press Continue.
    With MCI_dump you will be able to create or extract text files, compressed images, uncompressed images, movies and audio files.
    The program is designed for Windows XP, Vista or
    50e0806aeb anspen

Comments are closed.

Call for Help & Support