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QuickBooks Guide
Step-by-Step Instructions
What You’ll Learn Using QuickBooks
When you have completed this chapter, you will be able to use QuickBooks to:
1. Perform the year-end closing for a corporation.
2. Print a post-closing trial balance.
INSTRUCTIONS
Begin a Session
$/ 9/5 (!6%
Step 1 Restore the Problem 20-5.QBB file. ! 15%34)/.
Work the Accounting Problem
Q. Are the steps to close a
sole proprietorship any dif-
QuickBooks Guide
Step 2 Review the information in your textbook. ferent from those to close a
Step 3 Perform the year-end procedures. merchandising corporation?
• Choose Preferences from the Edit menu. A. The steps to close a mer-
• Click on the Accounting Preference and then select the chandising corporation are the
same as those to close a sole
Company Preferences tab.
proprietorship. QuickBooks
• Click the Set Date/Password button. gives the appearance of clos-
• In the Closing Date section enter 12/31/2015 in the Closing ing the temporary accounts
Date. into the Retained Earnings
• Type 2015 in the Closing Date Password field. account when in reality the
• Press Tab and type 2015 in the Confirm Password field. accounts are still open.
• Click OK.
• Click NO in the NoPassword Entered window.
• Click OK in the Preferences window. .OTES
Prepare a Report and Proof Your Work It is recommended
Step 4 Print a Post-Closing Trial Balance. Type 01/01/2016 in both that you back up your data
the To and From fields. before performing the year-
end closing.
Analyze Your Work
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Chapter 20 ■ 1
TE Answers
34_Problem 20-5 QuickBooks Guide.indd 1 7/24/15 9:42 AM