QUICKBOOKS MONTH END CLOSE CHECKLIST

QuickBooks Month End Close Checklist – By identifying and organizing tasks repeatedly used
each month you will quickly complete your month end close. This is an important part of the
bookkeeping process.

QUICKBOOKS MONTH END CLOSE CHECKLIST

Do you have a QuickBooks Month End close Checklist? Below are 7 important steps to get you
started. All QuickBooks Software transactions are date sensitive and users with appropriate
security rights can enter transactions dated in a prior, current or future period. A month end close
in QuickBooks includes recording transactions, review, reconciliation and printing of monthly
reports. Some users set up reminders regarding month end tasks to be completed.
These are the basic steps outlining tasks to be completed to close your month end in
QuickBooks. It is a good idea to develop your own month end checklist so you and other staff
members have a guideline specific to your business. This list should detail the process for each
step.

REVIEW FOR ADDITIONAL STEPS YOU MAY NEED TO INCLUDE:

An important topic is to always have a backups of your QuickBooks software installation.
Typically, this involves a complete or full backup of your server performed periodically.

TO START THE QUICKBOOKS MONTH END CLOSE CHECKLIST

STEP 1. REPORTS PRINTED AND ARCHIVE MONTHLY.

Below are some reports that should be produced, printed to a PDF repository and reviewed to
make sure all the subsidiary report totals agree with the balances found in the balance sheet
statement accounts. Make sure any reports with sensitive data are placed in a highly secure
location and don’t forget to add additional reports that are beneficial to your company.

ALWAYS INCLUDE THE FINANCIAL STATEMENTS:

Trial balance
Balance Sheet
Income statement

PRINT ALL THE OTHER SUBSIDIARY REPORTS:

Print all other reports that are relevant to your company.
.

STEP 2. WHAT STEPS DO I NEED TO DO TO PERFORM THE

CLOSE?
Steps for a QuickBooks Month end close
If you provide financial reports to an external Accountant or CPA at the end of each month to use
as the basis of your tax return request a list of adjustments they have made before filing the
company tax returns. These changes should be recorded as journal entries into your QuickBooks
accounting software so your QuickBooks financial balances agree to the balances submitted on
your tax returns. You are ready to move forward and update the closing date for QuickBooks
reflecting the last period reconciled.
 1. Launch QuickBooks.
2. Click “Edit” in the main menu bar and then click “Preferences” in the pull-down menu to
open the Preferences window.
3. Select “Accounting” from the list on the left.
4. click on the Edit icon.
5. Check the box labeled Close the books.
6. Enter a closing date. Transactions dated on or before the closing date cannot be
changed without warning.
7. Decide what you want users to see if they try to save a transaction that is dated prior to
the closing date:

 Allow changes after viewing a warning will make a warning message appear.
 Allow changes after viewing a warning and entering a password will require a user
to have appropriate security rights and this a password to save a transaction dated prior
to the closing date. In the fields below define the password that will be used.

8. Click Save,then Done.

STEP 3. HOW DO I BACKUP MY QUICKBOOKS COMPANY DATA

FILES?
Put your company in single user mode then select file then choose Backup company. From this
menu select create local backup.
Now that you are on the create company backup window make sure the local backup is selected
and using options you can choose the secure location where you want to back up your
QuickBooks company data file placed. It is also recommended you add the date, time and name
of your company data files to the name of the backup file that will be generated. In addition, you
can set the number of backups to be maintained in this folder and how frequently you wish to
have backups made.

HOW TO SET UP AUTOMATED BACKUPS

 From the File menu, choose Back Up.
 Click the Schedule Backup
 Click the New Button.
 Make appropriate selections in the Schedule Backup
 Click OK to save the new schedule.

QuickBooks Month End Frequently Asked Questions

IT IS NOT FUN TO CLOSE THE MONTHLY BOOKS IN

QUICKBOOKS CAN’T I JUST SKIP THIS STEP?
Remember that while the close process can seem routine, it’s essential to the business.

HOW LONG DOES THE QUICKBOOKS MONTH END

CLOSE NORMALLY TAKE?
Some of the considerations are how large your company data files are, how fast your computer is
and if you manage your time efficiently and are well organized month end close for QuickBooks
Software may go very quickly.