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Export expenses to the current accounting period in QuickBooks Online
Export expenses to the current accounting period in QuickBooks Online

Carry the date of the first month to add it to the current accounting period that is open to entries in QuickBooks Online.

Updated over 6 months ago

An accounting period is the time range during which business transactions are accumulated into financial statements. An accounting period is usually considered to be a month when it comes to internal reporting. In such cases, the expenses and income made in a particular month are taken into account by the end of the month or by the beginning of the next month, and the books are closed.

In case an expense incurred in that particular month is not accounted for before closing the books, then it needs to be carried forward to the current month and accounted for. Otherwise, the expense goes unaccounted resulting in an inaccuracy in the balances.

For example, suppose the current accounting period is June 1 - June 30 and there is an expense from May 1 that did not get posted on the accounting system before its actual accounting period (e.i. May 1 - May 31). In that case, the accounting system might throw an error while trying to add an entry in the current accounting period. To avoid this error, expense management export will carry the date of the first day of the current month and add it to the current accounting period that is open to entries.

If an expense needs to be exported from expense management to QuickBooks Online once the accounting period is closed, follow these instructions to export the expense to the first of the current month:

In your expense management QuickBooks Online integration, select the Configurations tab and select Advanced settings.

Toggle on the Post entries in the next open accounting period option.

Scroll down and select Save to finish.

Once the option is enabled, expenses from the previous month(s) that were not exported during their respective accounting periods will be posted on the first of the month.

For example, if the current accounting period in QuickBooks Online is June 1- June 30 and you are trying to export an expense from May 1, the export will carry the date of the first of the current month, i.e the May 1st expense will be exported as a June 1st expense.

If you need further assistance, reach out to our support team at support@capitalone-fylehq.com.

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