How to Close the Books Manually in the Middle of a Fiscal Year in QuickBooks
Hi, I am a member of a 2 member LLC. As of March 9th, 2012, the other member decided to withdraw from the LLC. How do I close the books manually on that date? I need to disburse the net income to retained earnings and then to our individual equity accounts. Is that possible? If not, what are my options?
There’s no way to automatically close in the middle of your fiscal year. You could change your fiscal year in Company > Company Information, but it only lets you define the month not a specific date.You should do a journal entry instead. Just $0 out all your revenue and expense accounts and use the retained earnings account for the difference. You’ll get an error message that you shouldn’t use the retained earnings account on a journal entry, but in this case you can ignore it.
This article is provided for informational purposes and is not intended to be construed as legal, accounting, or other professional advice. For further information, please consult appropriate professional advice from your attorney and certified public accountant.