Chapter 11: Closing the Year-End, the Audit Log, and More
Throughout this book, you have learned how opening balances are created when setting up a QuickBooks file, how different features can be applied to specific business types, and the types of things to look out for when reviewing financial data.
We'll now focus on what we do as we close down a financial period, with a few extra tips thrown in for good measure.
Within this chapter, we will cover the following topics:
- Bookkeeping checklists
- Closing a financial year/period
- Retained Earnings
- The Audit log feature
- Using Management Reports at year-end
If you are an accountant or bookkeeper and have a QuickBooks Online Accountant subscription, you will have access to additional tools that are not available to other users, as illustrated in the following screenshot:
Figure 11.1 – Accountant Tools section
The Accountant Tools section is useful when it comes to...
