Did you Close Equity into Retained Earnings in QuickBooks 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.
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”.
0:00 – Intro
0:28 – How retained earnings work?
0:38 – Retained Earnings Reports
1:52 – View Equity Account
3:33 – Retained Earnings Explained
3:55 – Close Equity into Retained Earnings (Journal Entry)
6:25 – Checking Reports
8:47 – Tips & Tricks/Confidence with QuickBooks
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I’d love to hear if this inspired an “aha moment” and if you are ready to close your Equity accounts.