Summary
In this chapter, you have learned about the key tasks that need to be completed to close your books for the accounting period. As discussed, you need to reconcile all bank and credit card accounts, record year-end accrual adjustments (if you are on the accrual basis of accounting), add fixed asset purchases, record depreciation expenses, take a physical inventory and make the necessary adjustments, adjust retained earnings for distributions made to the business owners, set a closing date and password, and prepare key financial statements. You can perform these tasks yourself, or you can give your accountant access to your QuickBooks data to take care of this for you.
This chapter is the last one that covers the QuickBooks features most small businesses will use. In the next chapter, we will cover some additional topics, such as adding apps to QBO, managing credit card payments, and recording bad debt expenses.
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