In accounting software, you can set a a books closed date so that no transactions change 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 Date setting is also available in Bill.com.
Jump to:
- How the Books Closed Date setting syncs
- Manually set the Books Closed Date
- How the Books Closed Date works
How the Books Closed Date setting syncs
| Accounting Software (AS) | Books Closed Date sync from Bill.com to AS | Books Closed Date sync from AS to Bill.com | Notes |
|---|---|---|---|
| QuickBooks Desktop | No | Yes | The sync dashboard will need to be upgraded to 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 Books Closed 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 is not closed for that particular entity. |
| Oracle NetSuite | No | Yes | Requires bundle 3.2.0 or later |
Note: 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.
Manually set the Books Closed Date in Bill.com
To manually set the Books Closed Date in Bill.com, you'll need to be an Administrator or a user with permissions to manage company.
- Click Settings
- Click Preferences under Accounting
- Click edit
- Select the Books Closed Date
- Click Save
You can always update or edit the Books Closed Date, but it must be set to today's date or earlier. It cannot be a future date.
How the Books Closed Date works
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
If you need to edit or delete transactions in a closed period, you will need to reopen the period.
