The Audit Log feature
The Audit log feature within QuickBooks holds a lot of information. It is not simply a list of transactions but also shows dates and times when users log in or out, when customers and suppliers are added, when reports are customized, and a whole lot more.
The Audit log feature records every single action that is carried out in QuickBooks. You can search for the Audit log feature within reports, and it can also be accessed from the Gear icon, below the TOOLS menu.
Ideally, when a financial period has been fully brought up to date and figures have been reported, we should close the books to prevent further changes being made to previous periods.
When it's time to finalize the accounts for a financial year, the Retained Earnings balance should correspond to the total retained profits carried forward from the previous year.
Occasionally, entries may get edited, deleted, or added, and this will affect the Retained Earnings value if dated in a previous...
