Top 5 Year End: Reports/Closing Books

After a successful year, it’s time to reflect and take a look at your business. There are many “end of the year” duties to get done, so this Top 5 has your questions about reports and closing your books.

1. How do I download reports from my account for Year End?

Nothing beats having a hard copy of your reports. Exporting reports in QuickBooks is a simple process:

1. Choose Reports on the left .
2. In the Search box, enter the name of the report that you'll want to export (or choose from your Favorites).
3. Click the Excel icon next to the small gear icon (settings) on the report. Then, select either Export to Excel or Export to PDF.

From there, you can make any changes you need and print. Here’s some additional information on customizing and running reports.

2. How do I officially close the books in my account?

​​Here's how to ‘close the books’ in QuickBooks Online:

1. In the upper-right corner, click the Gear Icon.
2. Select Account and Settings.
3. Go to the Advanced tab.
4. Under the Accounting section, put a checkmark in the Close the books box.
5. Enter the Closing date.
6. Choose whether a password is needed to change closed transactions.
7. Click Save.
8. Click Done.

Visual learners, this is for you:

3. Can I edit the titles in the reports?

You sure can! This is another layer of customization available to you in your account. Once you’ve run your report, hover over the title, and click the Edit icon.

You can also rename any of the subtitles within the report by clicking on Edit Titles.

Once there, you can rename any of the lines within the report to better suit your business.

Wait! You’re not finished yet. Make sure you Save Customization so the report remembers your edits for next time.

4. Some of my reconciled transactions were deleted and had to be re-entered. How do I make them reco...

If you’ve already recreated the transaction, great. If not, you can review the Audit Log to see the details and recreate it manually. Here's how:

1. Click the Gear icon in the upper-right corner and tap Audit Log.
2. Look for the deleted transaction and click View.
3. Expand the details to see when it was created and deleted.
4. Take note of the transaction details.
5. Recreate the transaction manually by clicking the Plus sign icon.

After you recreate the transaction, you can go back to your register and change it's status to Reconciled (R) manually. 

Note: Since you've already deleted this reconciled transaction before, this will show changes in the Reconciliation change report.

The purpose of recreating and manually marking it as reconciled is to amend the opening balance for the current reconciliation. However, the Reconciliation Change report will still show the changes made on your previous reconciliation.

5. Can I run the A/P Aging Details report to see what payments I have coming up? 

You can run the A/P Aging Detail report to show the payments due for the next ten days. Here’s what you’ll need to do:

1. Go to Reports and then select the Standard tab.
2. Under the What you owe section, select Accounts payable aging detail (or use the search option).
3. Click the Customize button.
4. Select the Filter drop-down.
5. Check the Due Date box and then choose Custom from the drop-down list.
6. Enter the range of the specific date.
7. Click Run report.

From there, you'll now see the aging payments with the specific date range you entered.

You can also follow the steps above in pulling up the Accounts Receivable detail report for invoices. On step 2, you can go to the Who owes you section, then pick Accounts Receivable Aging Detail.

Note: As mentioned, you can save this kind of report anytime. Click the Save customization button in the upper right corner. Once saved, you can find it under Custom reports in the Reports menu.

Another Top 5 done! Hope your books are organized and ready for closing.