I'm so excited to share a special video I created (drum roll please 🥁) it's a step-by-step guide or process on how to close your books each month.
Do you have a set process for closing out your books each month?
After many requests, I decided to put together a video and an accompanying pdf 📝 https://CandusKampfer.com/month-end
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Additional Resources and Extra Videos Mentioned ⤵️
Retained Earnings: https://canduskampfer.com/?s=retained+earnings
How to set a Closing Date ⤵️
Desktop: https://youtu.be/-dzpv8ODrH8
Online: https://youtu.be/UsrJLpBqhUk
Timestamps:
0:00 - Process for closing out books each month in QuickBooks
QuickBooks Desktop
0:49 - Checking Accounts Receivable
1:26 - A/R Aging Summary, A/R Aging detail and Open Invoices Report in QuickBooks Desktop
2:58 - If you are using Enter Bills, Use A/P Aging Report
4:08 - If you have Petty Cash...
4:55 - Reconciling in QuickBooks desktop
9:02 - Profit and Loss Report in QuickBooks Desktop
11:09 - Balance Sheet in QuickBooks desktop
11:06 - Closing Date Explained
QuickBooks Online
2:00 - A/R Aging Summary, A/R Aging detail and Open Invoices Report in QuickBooks Online
3:12 - Use A/P Aging and Unpaid Bills Reports in QuickBooks Online
3:57 - QuickBooks is meant to be a tool, wouldn't you agree? Let us know in the comments
4:32 - If you have Petty Cash...
5:12 - Reconciling in qb online
5:49 - Recommended: Setup PayPal as a separate Bank Account
6:09 - Verify your loans either quarterly or yearly
6:33 - Tip in processing taxes
7:10 - 3 Steps in doing payroll Taxes
7:34 - Processing Tax
7:54 - Check Clients if they still have On hold (Inventory) For tracking Purposes
9:41 - Profit and Loss Report in qb online
10:07 - Balance Sheet Report in qb online
12:12 - Did this video help you? Let me know in the comments
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