How the automatic close on the 1st works
At 12:05 AM on the 1st, in your company's timezone, the Bookkeeper runs last month's close and hands you one batch. Approve it and the month is closed.
Steps
Step 1: On the 1st, the Bookkeeper categorizes what's left, gathers documents, answers what it can, reconciles, drafts schedules and adjusting entries, and writes the month-end report.
Step 2: You get an email when the batch is ready. Open Close; the Bookkeeper section shows each step it took.
Step 3: Press Review batch. Answer each question (Answer, Looks right, Expected or Real problem) and press Exclude on anything you don't want posted.
Step 4: Press Approve and close. The month locks and the report goes out.
Step 5: To run it early, press Run the close for the month in the Bookkeeper section, and Run again after you fix something.
Months close by themselves
On the day the close is due, once every account matches and nothing waits for you, the month locks by itself and you get the report. You can reopen any month with a reason, or switch to locking by hand in Settings › Close under Locking.
Days close every night
Each night at 12:30 AM every bank and card account is matched to its bank's balance for the day, and the day closes. Your bank sends a balance about once a week, so a day after the last one is closed from your bank's last balance; rechecked when the next one arrives. If it doesn't match then, the day opens again and says why.
Good to know
- Owners and admins can approve by replying with the single word approve to the batch email.
- Between closes, new transactions post and are categorized within minutes of reaching your feeds, so Home and Reports stay current every day.