Closing Equity into Retained Earnings in QuickBooks Online

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Information Closing Equity into Retained Earnings in QuickBooks Online

Title	:	Closing Equity into Retained Earnings in QuickBooks Online
Lasting	:	9.17
Date of publication	:
Views	:	46 rb

new fiscal year you mean, right?
Comment from : @TwilaLowden-i3y

This was amazing!! Exactly what I was looking for!! so helpful!
Comment from : @TheSavingSecret

Your the best
Comment from : @IrmaGarcia-m4h

How do you do this if it is the first year taxed as an Scorp from SMLLC?
Comment from : @SandraLongoria

If you close Equity into Retained Earnings how do you know each partner's contribution percentage? won't you lose that?
Comment from : @GigeeterJeeter

How do you correct a deposit entry The client made a deposit to cover payroll onetime but made it an income deposit instead of an owners contribution or investment It has already been reconciled I am new to quickbooks
Comment from : @darylgadson5189

Thanks Candus for the wonderful video Quick question, why doesn't Quickbooks Online clear the expense and income lines when clearing to retained earnings? All of my detail account reports have a running balance (Beginning Balance) of years of expenses/income Should it's start P&L accounts at zero?
Comment from : @lisasbrown

heck ya so helpful!!
Comment from : @Christ_is_King951

I followed your example to a t but when I run the balance sheet for the next year It still shows the owners draw What am I doing wrong?? Help!!
Comment from : @ginapfohl7181

Didn’t know retain earnings could get negative Good to know
Comment from : @AhMauy

I couldn't for the life of me find why I should close out owner's equity into retained earnings on Jan 1st vs Dec 31st, but you explained it perfectly Thank you for that information!
Comment from : @lubanks6278

What about the opening balance equity Are we supposed to move that into retained earnings also?
Comment from : @TidyBookkeeper

What if the company is a single member LLC, would the process be the same? Thanks
Comment from : @tani278

Your QBO explanations / tutorials are the best on Youtube Thank you!
Comment from : @FallingWaterScapes

Beyond thankful for your video !!!! It’s my first year doing QB and I had no idea how to do this transaction!!! Blessings and thank you 🥹
Comment from : @JN-hp5de

Mine is saying please balance debit and credits - it won't work for me Help!!!
Comment from : @AustinBoylenCinematography

Great Tutorial explained exactly what I was looking for Thanks
Comment from : @devgrp9

Should I also close out the opening balance equity account?
Comment from : @kayskifinancial

I love this but when I tried to move the owner's draw into retained earnings, quickbooks wouldn't let me It stated that you can't do this with two equity accounts?
Comment from : @brynnmatthews1730

Thank you so much for this Grateful for generous accountants like you to help others
Comment from : @euniceonyema1642

Great video
Comment from : @RoostersandChickens

Why does opening balance equity is negative?
Comment from : @makenzijismeis406

This is what I do for S-corps every end of year I am wondering if we have to do this too for partnerships, disregarded entity or sole proprietorship I am hoping you will notice my comment and provide clarification * I have subscribed to your weekly tips* :D
Comment from : @AnnArcillas-j3j

Thank you so much for this valuable video I have a question I have a client that has two Quickbooks accounts , now I am cleaning the second account that started in 2021 and contain transactions only for 2021 , 2022 and 2023 of course The problem is that 2020 is in the other account and obviously the 2021 retained earnings is blank Do you think that I should extract the 2020 reports from the other QBO and add it into this other account ? I don’t want to make a mess
Comment from : @noelvisramirezaccounting

Thank you Very helpful video
Comment from : @neilkonitshek2906

Opening Balance as o 12/31/2021 shows as -9,33750 but 12/31/2020 as $5,00000 Opening Balance Equity was changed back to $5,000 as of 12/01/2021 It would be more consisnt if the user or accountant doesn't change Opening Balance Equity The video runs very fast This is just my thought watching your video Thank you for the video
Comment from : @ertaitai8656

Managed to do it for my OBE- Thank you! Plus it doesn’t give you any errors even if you've reconciled your accounts prior
Comment from : @657Crew

Thank you for the video! I saw this from a forum and u were right they did not assist her properly but you did thank you!
Comment from : @Elizabeth-fg6we

How do you zero out retaining earnings
Comment from : @valesquezbowen7718

This video was super helpful but I have one question We have been in business since 2016 but just started using QB in 2022 I have followed this to move amounts to Retained Earnings from Owner Equity Accounts Do I follow the same thing to make my opening balance equity 0? It contains the opening balances of my bank accounts and credit card account entered when starting with QB last year
Comment from : @cindycooley1419

You are a life saver, I've been searching hours for this Thank so much
Comment from : @germain1211

Thanks!
Comment from : @TheWarriorSolution

That was a really helpful video Thank you so much!
Comment from : @LarrySutton-zf3ct

Thank you for sharing your knowledge! As you see the numbers move you start to understand how the financials work and why they are important
Comment from : @caredfor391

Should I close out all equity accounts to RE at the end of the year? For example I have balances in Estimated Taxes and Opening Balance Equity in addition to my Owners Dist/Contribution accounts
Comment from : @elizabethalexander2191

WOW thank you I am Balance sheet illiterate this was a big help
Comment from : @phocon152

Thank youso much for your amazing video, it has helped me a lot Especially the tip to close the entries on the first day of the next financial year I was hesitant on that and you clarified everything :-)
Comment from : @gabrielangel09

Thanks, we have been struggling with this issuebrbrI have a question Since I have not been making these closing entries for the time we have been using QB Online, 3 years, how do I catch up? Year by year or just one adjusting entry?
Comment from : @jfadams52

What is the journal entry for closing shareholder Contribution of $23,705?
Comment from : @ahijazi9154

Thanks for your video!
Comment from : @barbaravargas4883

You explain it maturely
Comment from : @shahhussain4402

Um this is amazing!! Thank you for explaining Question: for an S-corp, do I enter in a beginning retained earnings amount for the year prior to when they started using QB? We entered in all their liabilities beginning balances and assets But what about retained earnings for the previous year?
Comment from : @joesgirl152

what would be the consequence if one never closed their drawing equity account? asking for a friend^^
Comment from : @Caatalina

You are awesome! It has taken me forever to find how to do this and what happens automatically and what doesn't Thanks so much!!!
Comment from : @williammary276

Candus, will the "opening balance equity", always stay the same? Or will it be reset each year?
Comment from : @RyanTinger

thank you for the clarification
Comment from : @ryanw913

Thanks for the clairfication
Comment from : @deborahmawson3352

Thank you so much! You explained this so well, and I was able to easily understand I took 100 of the loss in my partnership, does this need to be deducted from my equity account?
Comment from : @sunchardmarket7365

Thank you 🙏
Comment from : @Astra-fb2ok

I just discovered your channel Thanks so much for this video! I just learned of the need to do this step and was preparing to make journal entries today for the end of each year to do so However, I noticed that when I run a balance sheet for 1/1/2019 (our first day to rely on QB data) it shows a large negative number for retained earnings Yet our 2018 data is incomplete and we didn't rely on QB for that year (we were just importing data)brbrIt seems like that number would skew our Retained Earnings for the following yearsis that correct? If so, do you have any advice on how to fix this?
Comment from : @jmontaleone2841

In my Chart of Accounts, I cannot see the Retained Earnings I don't know if this is a difference between the US and Canadian versions of QBO, but QBO won't allow a JE to Retained Earnings
Comment from : @loreleimiller1077

Thank you
Comment from : @wendwesen1

Great video! Thank you!
Comment from : @michaelpeever4492

Are shareholder accounts also closed to RE? Do you not need to track the shareholder's investment for S- Corps? A CPA told me to close RE to the shareholder's account
Comment from : @brittanygray1821