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Month-end close in QuickBooks

Reliable reporting starts with a closed month.

Bookkeeping records the month. The close proves it and locks it. Every account is reconciled, accruals and adjustments are posted, receivables and payables are tied to the balance sheet, the reports are reviewed, and a closing date stops last month from changing.

Book a free 30-minute call What the close is

Definition

What Month-End Close Is

Bookkeeping keeps the file current. The close makes a month final.

Without a close, reports keep shifting: a bill dated last month is entered this week, a reconciled payment is edited, and the profit and loss you gave your lender no longer matches the file. A close fixes the numbers at a point in time and makes any later change deliberate.

A month is closed when every balance sheet account is supported, the reports have been reviewed for sense, and the closing date is set.

QuickBooks Online balance sheet with a balance in Undeposited Funds
Screenshot: a QuickBooks Online balance sheet. Each balance on it, including the one in Undeposited Funds here, should be supported by a reconciliation or a schedule before the month is closed. This is QuickBooks software, not a Logiframe product, shown on Intuit’s sample company, and the figures are illustrative. QuickBooks is a trademark of Intuit Inc.

Order

The Close Sequence, and Why the Order Matters

Each step depends on the one before it.

Step 1

Reconcile

Every bank, card and loan account agreed to its statement.

Step 2

Adjust

Accruals, prepayments and depreciation posted to the right month.

Step 3

Tie out

A/R, A/P, payroll liabilities and sales tax agreed to their reports.

Step 4

Review and lock

Reports checked against prior months, variances explained, closing date set.

A Logiframe team lead reviewing work with two colleagues at their laptops.

Locking first and reconciling later just moves the problem into next month. Reviewing reports before the balance sheet is supported means reviewing numbers that will change.

Features

QuickBooks Close Tools, Feature by Feature

  • Reconcile. Each account agreed to its statement, with a saved report per period.
  • Recurring journal entries. Scheduled accruals and allocations that post the same way every month.
  • Classes and locations. Results by department, location or program, reviewed as part of the close.
  • Close the books. A closing date, optionally with a password, so edits to a closed month need deliberate approval. QuickBooks Desktop has the same control.
  • Audit log. Who changed what and when, so a number that moves after close can be traced.
  • Reports. Balance sheet, profit and loss by month, and aging reports reviewed and shared as the month’s record.
QuickBooks Online recurring transactions list with monthly scheduled entries
Screenshot: recurring transactions in QuickBooks Online. Predictable entries are scheduled to post every month, so the close does not depend on someone remembering them. This is QuickBooks software, not a Logiframe product, shown on Intuit’s sample company, and the figures are illustrative. QuickBooks is a trademark of Intuit Inc.

Pricing

How It Is Priced

The close is part of every bookkeeping package.

PackagePriceWhat it covers
MonthlyFrom $399/monthReconciliation, adjustments, tie-outs and a closing date, closed every month
WeeklyFrom $599/monthThe same work, done every week
Onboarding & Prior BookkeepingFrom $3,600 one-timeBringing a file current before the cycle starts

What each package includes is set out on the bookkeeping packages and pricing page.

Questions

Month-End Close in QuickBooks, Answered

How do you close a month in QuickBooks?
Reconcile every bank, card and loan account, post accruals, prepayments and depreciation, tie A/R, A/P, payroll liabilities and sales tax to their reports, review the reports against prior months, then set the closing date.
What does the closing date do in QuickBooks?
It stops changes to transactions on or before that date unless someone enters the closing password or has permission to override it, so a reported month cannot change by accident.
Why do my QuickBooks reports change after the month is over?
Usually because no closing date is set, so late bills, edits and deletions are posted into prior months. A closing date and a review of the audit log stop this.
How do I handle a bill that arrives after the month is closed?
Either post it in the current month, or accrue it in the closed month before the close if it is material. Reopening a closed month should be a deliberate, documented decision.
How long should a month-end close take?
For most small and midsize businesses with current books, the close is done within the first one to two weeks of the following month.
How much does a QuickBooks month-end close cost?
It is included in our bookkeeping packages: monthly from $399/month and weekly from $599/month.
QuickBooks ProAdvisor, Elite A team certified in QuickBooks Online, Intuit Enterprise Suite and Workforce.
Xero Gold Partner Certified advisors, with Xero as the platform our depth genuinely sits in.
13+ years in practice Across accounting outsourcing, ERP and accounting software work.

Next

Where to Go Next

Service QuickBooks Bank Reconciliation The first step of every close. Service QuickBooks Monthly Bookkeeping The monthly cycle the close finishes. Using Xero? Xero Month-End Close The same service, in Xero.

Want a close that runs the same way every month?

Tell us which QuickBooks you are on and how the month ends today.

Book a free 30-minute call See packages & pricing