Closing the Year in QuickBooks®

By Douglas Sleeter and Joe Woodard

In this article:

Closing the Accounting Period
Recording Closing Entries for Sole Proprietorships and Partnerships
Distributing Net Income to Partners
Setting the Closing Date to “Lock” Transactions

In fact, QuickBooks never really creates a transaction for the closing entry, but when you create a Balance Sheet, QuickBooks calculates the balance in Retained Earnings by adding together the total net income for all prior years. At the end of each fiscal year (determined by the “First month in your fiscal year” field in the company information screen), QuickBooks automatically transfers the net income into Retained Earnings. <Read more>

Mandy Cohen

Name: Mandy Cohen
Company: Cohen & Associates
Address: 330 Primrose Rd. #206
City/St./zip: Burlingame, CA 94010
Phone: (650) 343-4988
Fax: (650) 347-6284
Email: mandy@cohen-associate.com
Web site: cohen-associate.com

Mandy Cohen found her passion for accounting when she transferred into a bookkeeping class during her sophomore year of high school. While others moaned about the debits and credits, Mandy intuitively grasped the concepts. In 1975 she landed her first job in public accounting. By 1983, she and her husband Steve Cohen started their own CPA practice in Burlingame. During the 1980's she was a Qualified Installer for AccPac Plus accounting software and in the 1990's she (and the rest of the world) discovered QuickBooks. Mandy utilized Doug Sleeter's classes when he was still teaching the end users. Thrilled when Doug changed his focus to the consultants, Mandy eagerly embraced The Sleeter Group's Certified Consultants Network. Prodded by Mandy's thirst for professional growth, Cohen & Associates has engaged the services of Results Accountants System (now RAN-One), Mentor Plus and The E-Myth Academy over the years to augment their technical skills with business development tools. As Cohen & Associates' mission statement reads "We are inspired to create compelling reasons for our clients to do business with us." <Read more>

To find a Sleeter Group Certified Consultant in your area, visit www.sleeter.com and click "Find a Certified QuickBooks Consultant" on our home page.

Other News from The Sleeter Group

Construction, Contractors, and Non-Profit Clients Survey. Each of these type clients pose unique challenges for your practice. Various aspects of their accounting procedures require special QuickBooks setup considerations. Last year we had an entire day in 6 different seminars devoted to covering these differences. This year, we desire to continue to offer you the specialized training you need to make you the expert that your client needs. Please take our reader survey to indicate which method best suits your needs for training in this area.

New! QuickBooks® for Non-Profits Workbook In coordination with Compasspoint Nonprofit Services, The Sleeter Group is publishing a workbook to address a step-by-step approach to setting up your QuickBooks® files for a Nonprofit client. This workbook, authored for The Sleeter Group by Christine Manor, CPA, is due out in April. Call us to pre-order your copy now for $34.95.

San Jose, CA - Sleeter Group Certified Consultant Receives 3 New Clients in One-Month. Sleeter Group Certified QuickBooks Consultant (CCN), Patricia Carson, received 3 new clients from us last month. Patricia said that all three clients told her that they had found her on the Sleeter Group's "Find a Consultant" search engine. All of our CCN members are listed on this search engine. When any potential client types "QuickBooks Consultant" in the most popular search engine (Google), they find The Sleeter Group as the first search result. Join our network now to receive discounts on workshops this year and to build your client base. To become a member of our network, visit the following link: http://www.sleeter.com/consultants/becomeconsultant_html