Closing the books normally refers to the accounting process of zeroing out your Income and Expense accounts and recording the company's Net Profit or Loss onto the Balance Sheet. At the end of the year, qbm automatically closes out your Income and Expense accounts and rolls up your net profit or loss into your Retained Earnings account. To protect transactions in previous accounting periods from being changed, you can "Close the books" and set a closing date and password in qbm. Company Administrator or 'sa' user can set the closing date and password.
Closing the books in QBM
admin posted this 09 April 2018