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Closing Equity into Retained Earnings in QuickBooks Desktop

Candus Kampfer 31 views

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I think owners contrinution is a credit in journal entries ?
Comment from : @fanglu1623

This is so good! thank you
Comment from : @perfectfitalterationssewin4324

I thought it was the other way around, that Retained Earnings gets closed out into Owner's Equity?! What's the point of this method?
Comment from : @GigeeterJeeter

Equity is a temporary account? Huh?
Comment from : @keithwilson6060

Totally straight forward and helpful Thank you
Comment from : @BG3Creatives

Hi Candus, how do I set up a owner's draw account in quickbooks pro desktop I am a C-Corp And how do I take out retained earnings to my personal account? Thanks a lot
Comment from : @kmohan24

Very helpful, thank you!
Comment from : @sthot86

You said : Tip: If you are behind on your closing entries you can go back and adjust one year at a timebrbrQUESTION: Won't this change your P&L and/or Balance Sheets for previous years? Thanks
Comment from : @bluovalgal

Very helpful, thank you
Comment from : @MaxwellS1993

Hi Candus Kamper I am confused closing retained earning, draws Would mind if you can help me solve it If i send you copy of my QB company backup? Coz i can not make them zero same way as you did Thanks
Comment from : @themoderngamer3938

Thanks, super helpful!
Comment from : @jay-vanz

Thank you so much for your videos! One question, What is the other account that you use to close Owner's Draw?
Comment from : @kellydean4232

At 4:46 I noticed you unchecked the "Adjusting Entries" Box Is closing out Owner drawing's into retained earnings not an adjusting entry ?
Comment from : @paiVT

Hi Candus, Thanks so much for this video and the others you put out - they're always informative and much appreciated! My question specific to this one is can I close owner's contributions a few years after the fact? In other words, the business started in 2019 with $1000 of owner's equity and that has never been closed into retained earnings so is it too late or can I do it this year? Thank you again!
Comment from : @southern2thecore111

This is a great video, thanks
Comment from : @RyanTinger

Retained Earnings is a line item of Equity not the other way around
Comment from : @leprimad

My Quickbooks Mac Desktop 2022 has two folders for company files: documents and applications None of my company files are in the Quickbooks applications folder How can I fix this?
Comment from : @marvelouss719

My Quickbooks Mac Pro desktop doesn't show the RE or the closing entry after the closing date was entered for 12/31/21 Do you know how to fix this?
Comment from : @marvelouss719

How can i close the net income or losses into retained earnings ??? Should made automatically but something wrong its stay in net income account in balance sheet
Comment from : @MahmoudMohamed-qc2gm

it's great lesson
Comment from : @sfpda

Hi Candus! Great Lesson, however please going forward would you state what you are clicking to open rather than just saying "open this"? The video isn't very clear and the printed messages on the video are over the Toolbar/Tabs area Thanks for offering this video!
Comment from : @cherylmccoy660

I usually don’t know my year end figures until I record all my credit card statements which don’t arrive until the middle of January
Comment from : @danatavares2038