Summary
In this chapter, we have looked at some of the things we can do when we are closing a financial period. We've used the following tools and features within QuickBooks:
- Closing the books
- The Retained Earnings account
- The Audit Log feature
- Management Reports
Utilizing different features can generally make life easier. Closing the books to prevent data from being entered or changed in previous financial periods is an absolute must.
Understanding how the value in Retained Earnings is calculated can avoid confusion when running reports that extend beyond 12 months, or when an accounting year-end needs to be changed.
The audit log can help us identify when changes are made to accounting entries, or whether any have been voided and deleted.
Finally, we can produce management reports to pull all the relevant information together in one document.
The last four chapters of this book have looked at best practices when reviewing financial records...
