First I’m no book keeper but learning.
Previously up to end Dec, last, I worked with TAS Books where every month after Sales, Purchases and Bank were reconciled these were closed off and a new month started. Not an automatic process, had to be done manually.
I cannot see any way to do this with QF except using Account Lock which doesn’t seem the same process.
As far as I’m aware you can not lock off month by month. But if everything is tagged and reconciled then I see no reason why you need to.
I seem to recall, (but will check), my accountant wants to see month by month financial situation which complies with paperwork.
I’m just entering my second month with QF and if there’s something that needs to be done before proceeding it would be better to know first.
Bank, Purchases and Sales are reconciled.
That should be all you need to do
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Many of the newer software packages aimed at small businesses do not have a month-end process in the same way that packages like Sage (and TAS books) do.
I would ask your accountant why they specifically need month by month figures, and whether it’s going to cause a problem if the monthly figures change after reporting, e.g. because of late invoices.
The lock date would prevent posting earlier than a certain date, but if you receive a late invoice from a supplier, this needs to be entered with the correct date. There are no “accounting periods” in QF. In bigger software packages these enable you to post an invoice in “Month 7” say, which actually has a date in Month 6, without affecting Month 6’s reports.
There isn’t really a necessity for accounting periods. VAT returns, if they are relevant, pick up late entries anyway so should always reconcile.
Year-end is obviously different, but QF has a process for this.