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Year End Questions

Here are some fast answers to questions recently asked through the Fathom site.

Use our contact form to submit a question for Fast Answers.

 

Show/Hide AnswerHow do I edit past years in Quickbooks?

Once your accounting has been closed for past years and your income tax reports filed, it is rarely a good idea to edit past year entries. See Protect prior years for tips on preventing changes to prior years. If you find you must make a change, the best way to do it is by making a correcting entry on 1/1 of the current year. This method does not change your balance sheet for the closed periods.

Show/Hide AnswerHow do I close the year in QuickBooks?

QuickBooks does not require that anything be done at year end. The best practice is to password protect prior years so that changes can't be made inadvertently.

 

Advice and tips provided on the Fathom Graphics website are not a substitute for advice from your CPA, tax preparer or attorney. We are not CPAs or attorneys and do not provide legal or tax advice.