This movie describes what a closing date does and why it's important for the security of your company file. It also shows how to set a closing date for a company file and add a closing date password to restrict who can make changes to transactions dated before the closing date. It also shows how to set the password for the Admin user.
- [Voiceover] After you close…the opening balance equity account to retained earnings,…your initial records are complete.…You don't want to edit any of those transactions by mistake,…which is why you want to set a closing date…for your company file.…We're gonna head up to the Edit menu…and choose Preferences.…In the Preferences dialogue box,…in the category list, choose Accounting,…and then you need to be the admin for this,…click Company Preferences.…
The button you want is at the bottom of the tab…Set Date/Password.…Click that, and that opens up…the Set Closing Date and Password dialogue box.…What does the closing date do?…It displays a warning,…or even requires a password,…when you try to save a transaction…that's dated on or before the closing date.…What this means is…if you happen to try to edit one of those transactions…that set up the opening balances,…it would warn you, so you have a chance to go,…oh. I don't wanna do that.…
Now in this section there is a check box and is says…Exclude estimates, sales orders…
- Convert existing data into a QuickBooks format.
- Identify how to create a company file from scratch.
- Recall how to add accounts and subaccounts to a company file.
- Create products and services in QuickBooks.
- Define the opening balance.
- List open transactions.
- Apply changes to sales tax balance.
- Identify how to adjust inventory.
- Modify the closing date.