Users can set a closing date and password in QuickBooks company file. The password and closing date will be specific to a particular company file. If you need the same setting for another company file, then you will have to configure it manually. The setting will not be transferred across all company files available on a particular system.
By setting up a closing date, you can manually configure an entire financial period in your company file. You do not have to close the books at the end of the year, but it is done usually as a best practice.
Once you set a closing date, the access is automatically restricted to the financial period. By further creating a closing date password, you can ensure that no one with proper authorization can change past accounts.
What happens on setting a closing date password?
Setting up a closing day password will make it impossible for other users to make changes to closed accounts without proper authentication. They will not be able to edit, add or delete transactions from a closed financial period. This becomes essential to prevent cases of fraud in organizations.
When to Set a Closing Date Password?
Usually, financial periods in most organizations are recorded from April to March. This means that on the last working day of March, users should close their books.
To set a closing date and password, follow the steps provided below:
- Open QuickBooks.
- From the top menu bar, Select Edit.
- Click on Preferences and select Accounting.
- Click on Set Date/Password under the company preferences.
- Select the Closing Date.
- Enter Password and then enter it again in the Confirm Password input box.
- Click on OK.
The closing date and password have been successfully set. Now all the transactions in the closed financial period will be inaccessible without proper authentication. If you want to remove the closing date password, then you can log in as an administrator and go back to the password setting window. There you can click on remove closing date password.
Setting a closing date will help you in year-end adjustments. These adjustments are performed automatically in QuickBooks. Further, we recommend that you reconcile all accounts for the financial period before entering a closing date.
RepairContact QuickBooks Tech Support Team
With our RepairContact QuickBooks helpdesk, you can avoid the struggle of configuring a financial period in QuickBooks. Our QuickBooks technical assistance team will set a closing date and password for you. Further, QuickBooks help team can help you in recovering the password or resetting it. To know more, feel free to contact QuickBooks technical support team at ✆+1-855-548-3395(Toll Free).
See Also QuickBooks 2018 Pro Company File
- I cannot remember the closing date password. What should I do?
If you cannot remember the closing date password, you should simply ask someone with an Admin account to reset it. The password can be easily reset but only by users who have administrative privileges. Simply click on the forgotpassword option. From there, enter the credentials for an admin account and reset the password.