How to Close a Financial Period in Quickbooks

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Understanding how to properly close a financial period is essential to accurately and professionally managing your books. If you're using Intuit's QuickBooks software, you have access to an automated feature that will close your financial period when the specified closing date arrives. All you need to do is configure that closing date via the Company Preferences tab. While you're at it, you can also set a password for this preference so that no unauthorized parties can tamper with your books after the close of your financial period.

  • Click the "Edit" menu and select "Preferences."

  • Select "Accounting" from the list on the left side of the page.

  • Click the "Company Preferences" tab.

  • Click "Set Date/Password" in the Closing Date section.

  • Select the closing date for your financial period. Click "Exclude Estimates, Sales Orders and Purchase Orders from Closing Date Restrictions" if you want to leave these transactions open at the end of your financial period.

  • Enter a password in the Closing Date Password field, and then confirm it in the Confirm Password field.

  • Click "OK" to finish configuring your closing date and preferences. When the closing date arrives, QuickBooks will automatically close your financial period.

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