In accounting software, you can set a closed books date so that no transactions before that date can be changed. This ensures the integrity of financial reporting. Once numbers are reported for a certain time, you don’t want anything to change in your books.
A closed books date setting is also available in Bill.com.
Jump to:
- How the closed books date setting syncs
- Enable closed books setting
- Manually set the closed books date
- How the closed books date works
How the closed books date setting syncs
| Accounting Software (AS) | closed books date sync from Bill.com to AS | closed books date sync from AS to Bill.com | Notes |
|---|---|---|---|
| QuickBooks Desktop | No | Yes | Sync dashboard version v_2.0.8250.9 or later |
| QuickBooks Online | No | Yes | - |
| Xero | No | Yes | - |
| Sage Intacct | No | Yes | When syncing with Sage Intacct at the top level (configuration C or D), best practice is to manually set the closed books date, as only the most recent close date from any entity will sync to Bill.com, possibly preventing transactions from another entity from syncing, even if the period isn't closed for that particular entity. |
| Oracle NetSuite | No | Yes | Requires bundle 3.2.0 or later |
Note: If the closed books 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.
Enable closed books setting
To enable the closed books setting in Bill.com, you'll need to have the Administrator role.
- Select Settings
- Select Preferences under Accounting
- Select the Edit icon
- Set Enable Closed Books to Yes to enable
- Set Restrict Inbound Transactions to Yes if you want the closed books setting to apply to transactions syncing in to Bill.com from your accounting software. Set it to No if you want to allow transactions to sync to Bill.com regardless of the closed books date.
Manually set the closed books date
To manually set the closed books date in Bill.com, you'll need to be an Administrator or a user with permissions to manage company.
- Select Settings
- Select Preferences under Accounting
- Select the Edit icon
- Select the Books Closed Date
- Select Save
You can update or edit the closed books date, but it must be set to today's date or earlier. It can't be a future date.
How the closed books date works
Once you set the closed books date, 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
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 hasn't deposited or cleared yet
If you need to edit transactions in a closed period, you'll need to reopen the period.
Note: If you sync with Quickbooks Desktop, receivables invoices created in Quickbooks Desktop in a closed period will sync to Bill.com.
