How to Process for Closing Out Books Each Month

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 📝 CandusKampfer.com/month-end
Ready to learn more areas of QuickBooks? Join us on our next workshop to learn how to design QuickBooks for your specific business... ➡️ CandusKampfer.com/workshop
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Additional Resources and Extra Videos Mentioned ⤵️
Retained Earnings: canduskampfer.com/?s=retained...
How to set a Closing Date ⤵️
Desktop: • How to Set a Closing D...
Online: • Setting a Closing Date...
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
I’d love to connect with you 🤗
Instagram: / candus.kampfer
Facebook: / canduskampfer
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TikTok: / canduskampfer
Pinterest: / canduskampfer
#CandusKampfer

[@CandusKampfer]

I'd love to know do you have any other month-end processes you do each month 🤓

[@sanjeevdutta752]

Wonderful Video. Lots of knowledge shared. Thanks.

[@CandusKampfer]

Glad it helped you. Have an amazing day! Kindra ~ Team Candus P.S. We’d love to connect with you! Find us on ↓ Instagram: instagram.com/candus.kampfer Facebook: facebook.com/CandusKampfer TikTok: www.tiktok.com/@canduskampfer

[@Sunitasharma-zo5rn]

hi i want to more about your workshop because this video is very helpful for me thanks

[@CandusKampfer]

Hi, Thank you for watching our video. I'm so glad you found it helpful! Here's the link to attend our Customizing QuickBooks workshop: CandusKampfer.com/workshop Have a great day, Samantha, Team Candus

[@Rockdoll31]

Wow thank you!

[@CandusKampfer]

Hi, Thanks for reaching out. I'm so happy you liked our video! If you’d like to learn more about how to optimize QuickBooks for your business, I recommend checking out our Confidence with QuickBooks program. To learn more you can attend our Customizing QuickBooks workshop. Save your seat here: CandusKampfer.com/workshop Have a great day, Samantha, Team Candus

[@ulrikemartin1254]

Great video and so informative. I had a question about us etsy sellers who are getting their data moved to quickbooks online via the third party app "etsy connect". QBO lists the "etsy bank" as a separate bank which I do understand, however do I reconcile the data (sale, fees, etc) in the etsy bank as well once a month or each time I get a deposit into my checking account (which is every 4 weeks and does not fall on the beginning or the end of the month)? Thanks so much for giving these great tutorials!

[@CandusKampfer]

Hi Ulrike, Thanks for watching our videos! Yes, it would be best practice to reconcile your 'Etsy' account each month just as you would any separate bank/merchant account. Have a great day! Kindra~Team Candus P.S. We’d love to connect with you! Find us on ↓ Instagram: instagram.com/candus.kampfer Facebook: facebook.com/CandusKampfer TikTok: www.tiktok.com/@canduskampfer Pinterest: pinterest.com/canduskampfer/

[@shondajones3873]

Online ❤ classes yes please

[@CandusKampfer]

Thank you for watching our videos 😊 The best possible way for you to receive support from Candus is to register for and attend her workshop. Here is the link to register to attend: canduskampfer.com/workshop Have a great day! Ednalyn ~ Team Candus P.S. We’d love to connect with you! Find us on ↓ Instagram: instagram.com/candus.kampfer Facebook: facebook.com/CandusKampfer TikTok: www.tiktok.com/@canduskampfer

[@user-ln4gl7ez3m]

Hi Candus! I need help... I started working in a June for a new company. I started on quickbooks online The problem is I need to reconcile from October last year? Please help me... I also need to know how to load transfers and ATM withdrawals for credit card as well as debit cards...

[@FlamesCagney]

Supposin' Am not on QB. Am using DDI. An ERP platform.

[@HoneyErwin]

Great tutorial. I didn't see the closing process for QBO.

[@CandusKampfer]

Hi, Thank you for reaching out. I'm so glad you enjoyed the tutorial video! Here's the link to the Online version of the video: canduskampfer.com/how-to-set-closing-date-in-quickbooks-online/ If you’d like to learn more about how to optimize QuickBooks for your business, I recommend checking out our Confidence with QuickBooks program. To learn more you can attend our Customizing QuickBooks workshop. Save your seat here: CandusKampfer.com/workshop Have a great day, Samantha, Team Candus

[@frankayala3950]

Hi thank you for your videos. Im wondering you can help me come up with a list to closeout procidures for a property management accounting field? Loved your advice on principal and interest mortgage Payments seeing I deal with it on a monthly.

[@CandusKampfer]

Hi! Thank you for watching our videos 😊 I will add your question to the list Candus uses to create new QuickBooks tips each month. If you haven't already joined our weekly QB Tips & Tricks, click here to join and we'll send you our tips straight to your inbox: canduskampfer.com/weeklytips Have a great day! Ednalyn ~ Team Candus P.S. We’d love to connect with you! Find us on ↓ Instagram: instagram.com/candus.kampfer Facebook: facebook.com/CandusKampfer TikTok: www.tiktok.com/@canduskampfer Pinterest: pinterest.com/canduskampfer/

[@ronstanley9638]

Hi I sold my small business truck and the Turbo tax program added income as (recapture of capital cost allowance) How do I made journal entry in QuickBooks? THANKS

[@khadijaofmorocco8487]

Hi, do you propose any individual online training for month end process ?

[@CandusKampfer]

Hi Khadija, I'm not sure I understand your question. It is always good practice to make sure everyone involves knows the process so nothing is missed. If that's not what you're asking, please feel free to clarify your question. Thank you! Kindra/Team Candus P.S. We’d love to connect with you! Find us on ↓ Instagram: instagram.com/candus.kampfer Facebook: facebook.com/CandusKampfer TikTok: www.tiktok.com/@canduskampfer Pinterest: pinterest.com/canduskampfer/

[@user-wv5jr8tb9f]

Our company does Estimates and invoice from the Estimates. We are new to the Online, as we had quickbooks Desktop before. We would like to know how to do the retainage and invoicing from the Estimates so that our P & L is correct and we do not have to show the items invoiced for materials and labor on the invoice to the customer. How do we charge the materials and labor to the job as well has hold the retainage out of the payment we receive from customer to post into the Retainage Due COA. Thank you

[@CandusKampfer]

Hi, If you want to learn how to design QuickBooks for your business, you can check out our Customizing QuickBooks workshop here: CandusKampfer.com//workshop Have a great day, Samantha Team Candus

[@sheesharonn8561]

Hello ...i tried to filter my report and now my item summary does not display the day's sales kindly help ASAP

[@CandusKampfer]

Hi Shee, You may have to adjust the filter again to show what you are looking for. ~Kindra/Team Candus P.S. We’d love to connect with you! Find us on ↓ Instagram: instagram.com/candus.kampfer Facebook: facebook.com/CandusKampfer TikTok: www.tiktok.com/@canduskampfer

[@deenashipler3261]

Where can I go to ask you a specific question? I filed for an extension yesterday for my income taxes and received a notification that it was accepted. I also made a tax estimate payment. Then it’s morning I got an email that it was rejected. II said to file another one but I can’t find where to do that. Can I still file an extension? If not what do I f do I now?

[@CandusKampfer]

Hi Deena, Thank you for watching our video. If you're interested in more in-depth training and support from Candus, I recommend checking out our Confidence with QuickBooks program. To learn more you can attend our Customizing QuickBooks workshop. Save your seat here: CandusKampfer.com/workshop Have a great day, Samantha, Team Candus

[@latashaquinn4004]

Hi Candus, I have a salon and don't use invoices do you have a QB video that would be helpful for me?

[@latashaquinn4004]

I'm in a salon sutie

[@CandusKampfer]

Hi Latasha, Thank you for watching our videos 😊 The best possible way for you to receive support from Candus is to register for and attend her workshop. Here is the link to register to attend: canduskampfer.com/workshop Have a great day! Kindra ~ Team Candus P.S. We’d love to connect with you! Find us on ↓ Instagram: instagram.com/candus.kampfer Facebook: facebook.com/CandusKampfer TikTok: www.tiktok.com/@canduskampfer Pinterest: pinterest.com/canduskampfer/

[@dianad1639]

Yes you can find info online. Just google for your quickbooks OL or DT

[@cphawaii]

I need to start with the first step. I'm a mess. I am a hairstylist and nail person and I work alone. So many steps.....

[@CandusKampfer]

Hi, Thank you for watching our video. If you're interested in more in-depth training on this topic, I recommend checking out our Confidence with QuickBooks program. To learn more you can attend our Customizing QuickBooks workshop. Save your seat here: CandusKampfer.com/workshop Have a great day, Samantha, Team Candus

[@glassslippergourmet]

Uggh... reconcile makes me cringe because i have not done it on sooooo long I don't think i could ever catch up. I need a magic wand to fix it lol

[@christyspivey7103]

Doing reconciliations are one of my favorite things to do and has been since I started bookkeeping in 1994 😂 I don't know why but I just love the feeling of finding that 1 thing that is missing and making that $0 balance ⚖️ 😂 I'm crazy I know

[@mattf.3420]

Hi. My name is Matt I have a small battery business. I would love to spend some time with you on my books. Can we set up something?

[@CandusKampfer]

Hi Matt! Candus doesn't offer private sessions but does help her Confidence with QuickBooks community. If you're interested, you can go here to learn more: canduskampfer.com/workshop Have a wonderful day! Kindra Team Candus

[@DJNRCosmeceuticalsLLC]

for every month closing - how do i set the month date

[@CandusKampfer]

Thank you for watching our videos 😊 I will add your question to the list Candus uses to create new QuickBooks tips each month. If you haven't already joined our weekly QB Tips & Tricks, click here to join and we'll send you our tips straight to your inbox: canduskampfer.com/weeklytips Have a great day! Ednalyn ~ Team Candus P.S. We’d love to connect with you! Find us on ↓ Instagram: instagram.com/candus.kampfer Facebook: facebook.com/CandusKampfer TikTok: www.tiktok.com/@canduskampfer Pinterest: pinterest.com/canduskampfer/