The
QuickBooksClosing Entry is made after you have recorded all the adjustingentries. If the books are already ‘closed’ then you should not enter any entry
for the Fiscal Year.
In several occasions, you will see some programs will stopyou from making an Entry. This might happen even for the entry that aims to
perfect your books.
QB Desktop permits you to enter a transaction that willaffect Closed Fiscal Year balance. In this scenario, the program will tell you
what is not recommended, or it will ask for the ‘Closing Date Password’ that
you have set up.
QuickBooks Desktop does not have an actual transaction forclosing entries that got created automatically. Whenever a report is run, the
program evaluates the adjustments.
Note: It is not possible/feasible to view the automatictransactions very carefully, as opposed to manual adjustments that we record.
Consequently, these adjustments are considered as ‘Closing Entry,’ though they
are not real QuickBooks transactions.
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