Did you Close Equity into Retained Earning for last year?

At the end of each year, QuickBooks closes net income into Retained Earnings yet Owner Draws or Shareholder Distributions needs a Journal Entry to be adjusted.

I created a how-to video to explain how retained earnings and Equity accounts work.

 

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Tip: If you are behind on your closing entries you can go back and adjust one year at a time.

Looking for the training on “How to enter Depreciation into QuickBooks”.

Timestamps:

0:00 – Intro
0:31 – how retained earnings work (Profit and Loss)
1:11 – Retained earnings in Balance Sheet
3:25 – Close into Retained Earnings (Journal Entry)
6:50 – Checking Balance Sheet (Retained Earnings)
7:02 – Checking Chart of Accounts (Retained Earnings)
7:23 – Candus Kampfer Final Thoughts

 

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I’d love to hear if this inspired an “aha moment” and if you are ready to close your Equity into Retained Earning?