How to Close the Books Manually in the Middle of a Fiscal Year in QuickBooks
Published 03/28/2012 | 
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.
Written by +Ruth Perryman, CMA, CFE, CFM, MBA
Ruth is the president of The QB Specialists, an Intuit Premier Reseller that offers huge savings and expert advice on QuickBooks POS and QuickBooks Enterprise. She is an Advanced Certified QuickBooks ProAdvisor and a member of Intuit’s Trainer/Writer Network. She is also certified in QuickBooks POS and QuickBooks Enterprise and has provided expert QuickBooks help to thousands of businesses all over the world since 1996.
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Hi, the company I work previously was a local investment. On 19th may 2011 a new company was formed and previous books were continued. So in qb how will i close the books on 18th may and start new accounts from 19th may 2011
Hi Ali,
You can’t. If you want them separated, you’ll need to start a new QuickBooks file for the new company. The eaiest way to do this is to use the Accountant edition Of QuickBooks (2012 or 2013) to create a period copy of the file. You can also use an add-on, like Karl Irvin’s Data Transfer Utility, to transfer the transactions into a new file.
Ruth