Welcome to the QuickBooks Community, @SMT22.
I got here the information you need in preparing your books for 2022. In QuickBooks Online (QBO), you have the option to close your books for last year. This will zero out the expenses and revenue so it will go to their respective account at the end of the year. I'll show you how:
- In your QBO account, click the Gear or Settings icon.
- Next, select Accounts and settings.
- Then, go to the Advanced menu.
- In the Accounting section, check the Close the books box.
- Input the Closing date.
- Set the password if need be.
- Then, click Save and Done.
For more information about the process, feel free to open this article: Close your books in QuickBooks Online. However, I'd highly suggest reaching out to your accountant before performing these steps. This is to guide you and to prevent messing up data on your accounts. If you don't have one, you can utilize our Find an Accountant tool to look for one near you.
On the other hand, you can also start fresh with a new QBO company by deleting your previous data or subscribing to a new QBO account.
You may also want to check our Year-end guide and checklist to further help you in managing your QBO data.
Add your comments below if you have any follow-up questions about preparing your accounts in QBO for a new fiscal year. I'm just a few clicks away to help. Take care always.
