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I am often asked by customers about “closing” their books at year‐end. Many old‐school and complex accounting
programs require you to perform a closing process at the end of a financial year before entering any information for
the current year. In fact, at the large corporation I used to work, we had to close the books every month! After the
closing process is complete, the information is “locked down” and there is no changing it. Period. This creates
deadlines, bottlenecks, and stress for all of us in accounting trying to get our work done.
Most small business owners are not native accountants and don’t understand the exact reason for the “closing”
procedure, they just know it’s something that is done, and don’t they need to do it? The answer is yes, and no.
Large businesses that provide periodic financial statements to shareholders and/or Board Members must ensure
that the statements are accurate and will not be changed after presentation. They must close the books in finality at
certain periods in order to present this information as complete. For most small businesses, the cut off is related to
filing their tax return. In other words, once you run the Profit and Loss and Balance Sheet and use that information
to file your taxes, you do not want to make any further changes to that year’s data. That makes sense; after all, if
you entered some additional Income or Expenses after the year is over, it wouldn’t be reported on your tax return
ever.
QuickBooks doesn’t have a formal “closing” process, and this makes some people feel like it must not be a “real”
accounting program. But QuickBooks is designed for Small Business users, and, although it can be dangerous, there
are practical reasons why QuickBooks leaves prior year data open for editing. The main reason is that it is just not
practical to expect every small business to complete all of their yearend work before creating any other transactions
in the New Year. Often there are credit card expenses coming in on statements clear through February. Another
reason is that many of us depend on our CPA or tax preparer to provide us with adjustments like depreciation
expenses that need to be entered once the tax return is prepared… and that could be much later. So, rather than
imposing a locked down closing, QuickBooks creates a Journal Entry automatically at the end of the year to transfer
the Net Income to Retained Earnings and allows you to set a closing date password. The closing date password
feature allows anyone with the password to change prior year’s data, and helps keep you from accidentally entering
anything into the wrong year.
Once I have completed my year end closing tasks (see the Year End Checklist under “QuickBooks Corner” at
www.nevadacountybiz.com), I set a closing date password. To access the feature in QuickBooks: From the Edit
menu –select Preferences – on the left of this new window ‐ At the top of the Preferences Menu click – Accounting ‐
and then choose the Company Preferences tab on the Right. At the bottom of the Company Preferences window,
you will see the Set Date/Password button under the Closing Date section. When you click this button, another
window opens and allows you to select a closing date and enter a password. For the closing date, you should enter
the last day of the year, not the first date of the New Year. Keep your password simple and easy to remember, I
recommend writing it down…. And, of course… not forgetting where you wrote it down.
Penny Lane Crull
www.nevadacountybiz.com
230 Colfax Avenue, Ste D
Grass Valley, CA 95945
Penny Lane Crull is a certified QuickBooks Pro advisor. Business Matters offers QuickBooks™ consulting,
training and support plans, new company set-up, Point-of-Sale, Payroll and Bookkeeping Services. Access
past QuickBooks Corner articles and order Intuit Products, Including checks at a discount on our web site:
www.nevadacountybiz.com.
QuickBooks™ is a registered trademark of Intuit
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Diesel Exhaust
What is Diesel Exhaust? removed by using local exhaust ventilation. Local exhaust ventilation
The diesel engines in automobiles, buses, and trucks produce exhaust should include both intake and exhaust fans that remove diesel
from the combustion of diesel fuel. Diesel exhaust is made up of exhaust at its source. General ventilation air movement by opening
harmful chemicals including very small toxic particles and hazardous doors, windows, roof vents, roof fans and floor fans is helpful, but not
gases. Some of the hazardous gases in diesel exhaust (e.g. nitrogen as effective as local exhaust ventilation.
oxides, benzene, sulfur dioxide and formaldehyde) have been found to
possibly cause cancer. Safe Work Practices
Some possible methods to reduce and/or minimize diesel exhaust
Health Hazards of Diesel Exhaust emissions are:
Breathing diesel exhaust is the most common method of exposure. As
we breathe, the fine particles and toxic gases in diesel exhaust can • When diesel equipment is not in use, the engine should not
enter into the lungs. Being exposed to diesel exhaust for short periods be allowed to idle.
of time may cause headaches, nausea, chest tightness, wheezing,
cough and irritation of the eyes, nose, and throat.
• Diesel equipment should be turned off and restarted as
needed.
Exposure to diesel exhaust over long periods of time (usually years)
may increase the chances of getting cancer. Those workers who
already have respiratory illnesses, such as bronchitis, emphysema • Enforce diesel equipment (bus, truck, etc) idling
and/or asthma, may be adversely affected if they are exposed to long- restrictions.
term, or chronic exposure to diesel exhaust.
• Check all ventilation systems to ensure proper functioning.
Who is at Risk?
Workers most likely to be exposed to diesel exhaust include bridge, • Conduct routine maintenance of engines to minimize
tunnel, and loading dock workers, truck and bus maintenance garage emissions.
workers, miners, toll booth collectors, truck and forklift drivers, and
material handling machine operators. • Diesel equipment that is producing visible, smoky exhaust
should be removed from service until the condition has
Methods of Control of Diesel Exhaust been corrected. · Vehicles should be fitted with emission
Substitution controls (e.g. collectors, air cleaners, ceramic particle traps,
Where possible, replace diesel engines with propane engines. etc.).
Propane burns more completely with fewer emissions than diesel fuel.
However, it is important to ensure there is adequate ventilation when
using any combustion engine (diesel or propane) indoors, such as in
• Emissions controls should be checked regularly and
replaced when necessary.
warehouses or garages. Breathing harmful levels of combustion gases,
such as carbon monoxide, carbon dioxide, and nitrogen oxides can be More Information
harmful to your health. For more detailed information and updates with new information, visit
the website maintained by the Occupational Safety & Health
Ventilation Administration at http://osha.gov/SLTC/dieselexhaust/
If you cannot replace your diesel engine, diesel exhaust can be If you have any health concerns or questions, contact your health
care provider.
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