Do we need to close each month & payroll like we did in peachtree?

Can someone help me when it comes to closing at the end of the month, and closing payroll? Our buisness just switched from peachtree to quickbooks pro 2010. In peachtree we would close each month & each month payroll. Do we need to do it dif w/QB?  Do i understand correctly that quickbooks just automatically closes at the end of the fiscal year?  Thanks for the help!