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Books Closed setting

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Anna L.
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In accounting software, a books closed date can be set so that no transactions can be changed prior to that date. This ensures the integrity of financial reporting. Once numbers are reported for a certain time period, you don’t want anything to change in your books.

A books closed setting is also available in Bill.com. This feature will be rolled out slowly to our customers. If the setting is not available in your account, an Administrator or user with Manage Company permissions can contact Support to ask for the setting to be enabled. 

Syncing with accounting software

When syncing with QuickBooks for Windows, QuickBooks Online, Xero, Sage Intacct or Oracle NetSuite (for Oracle NetSuite, with bundle 3.2.0 or later), if a Books Closed date has been set in the accounting software, this date will sync into Bill.com. 

However, this date can still be manually set or edited within Bill.com.

  • We will match Books Closed functionality in the accounting software:
    • QuickBooks Online and Sage Intacct: Setting will apply to dates before the Books Closed date
    • QuickBooks for Windows, Xero or Oracle NetSuite: Setting will apply to dates on or before the Books Closed date
  • If the Books Closed date in Bill.com does not match what is in the accounting software, the books closed date in Bill.com is the master when creating or editing transactions in Bill.com.
  • If set manually, the books closed date will not sync to the accounting software
  • If using QuickBooks for Windows, the sync dashboard will need to be upgraded to version v_2.0.8250.9 or later

 

Manually setting the Books Closed date in Bill.com

To manually set the books closed date, an Administrator or a user with manage company permissions will:

  1. Hover over the gear icon, click Settings
  2. Click Preferences under Accounting
  3. Click the Edit icon
  4. Select the Books Closed Date
  5. Click Save

The Books Closed date can always be updated/edited but must be the day of setting/editing or earlier. It can not be a future date.

 

How does it work

Once the books closed date is set, the following will not be allowed:

  • Create a bill, invoice, vendor credit or credit memo with an invoice/credit date in a closed period
  • Select a process date within a closed period when scheduling or recording a payment
  • Deleting bills or invoices with an invoice date in a closed period

The following will still be allowed:

  • Apply a vendor credit or credit memo with a credit date in a closed period
  • Void or cancel payments with a process date in a closed period as long as the payment has not deposited or cleared yet

Note: If you sync with Quickbooks Desktop, receivables invoices created in Quickbooks Desktop in a closed period will sync to Bill.com.

 

How to disable

To disable the books closed date in Bill.com:

  1. Hover over the gear icon, click Settings
  2. Click Preferences under Accounting
  3. Click the Edit icon
  4. Delete the date from Books Closed Date
  5. Click Save