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Closing Equity into Retained Earnings in QuickBooks Online

  Рет қаралды 41,036

Candus Kampfer

Candus Kampfer

Күн бұрын

Пікірлер: 107
@FallingWaterScapes
@FallingWaterScapes 6 ай бұрын
Your QBO explanations / tutorials are the best on KZbin. Thank you!
@CandusKampfer
@CandusKampfer 6 ай бұрын
Hi, Thanks for reaching out. I'm so glad you find our training videos and explanations helpful! If you’d like to learn more about how to optimize QuickBooks for your business, I recommend checking out our Confidence with QuickBooks program. To learn more you can attend our Customizing QuickBooks workshop. Save your seat here: CandusKampfer.com/workshop Have a great day, Samantha, Team Candus
@ImJustTerri
@ImJustTerri 2 жыл бұрын
I cannot thank you enough for this video! I have been searching all week for this clear explanation and you gave one in LESS than 10 minutes! I apparently still needed to close out my books from 2020 before moving forward with closing out last year. This saved me a huge tax and audit nightmare! THANK YOU!!!!
@CandusKampfer
@CandusKampfer 2 жыл бұрын
Hi Terri, That's awesome! I'm so glad this was helpful for you! If you're interested in more QuickBooks training, I'd recommend joining us on our next workshop. You can save your seat here: canduskampfer.com/workshop Have a great day! Ireland Team Candus P.S. We’d love to connect with you! Find us on ↓ Instagram: instagram.com/candus.kampfer Facebook: facebook.com/CandusKampfer
@lubanks6278
@lubanks6278 3 ай бұрын
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!
@CandusKampfer
@CandusKampfer 3 ай бұрын
Hi, Thanks for reaching out. That's so great to hear! I'm so glad you've found this video helpful 🤗 If you’d like to learn more about how to optimize QuickBooks for your business, I recommend checking out our Confidence with QuickBooks program. To learn more you can attend our Customizing QuickBooks workshop. Save your seat here: CandusKampfer.com/workshop Have a great day, Samantha, Team Candus
@tootsiie7256
@tootsiie7256 Жыл бұрын
Quickbooks needs to hire you to make instructional videos for them! I have spent countless hours looking for a clear explanation on how to handle negative values in the owner distributions accounts, and FINALLY got my answer in this video! You do an excellent job explaining the mechanics. Thanks!
@CandusKampfer
@CandusKampfer Жыл бұрын
Oh my gosh, thank you so much! We love hearing this. 🙏🏻 If you haven't already joined our weekly QB Tips & Tricks, click here to join and we'll send you our tips straight to your inbox: canduskampfer.com/weeklytips Have an amazing day! Kindra ~ Team Candus P.S. We’d love to connect with you! Find us on ↓ Instagram: instagram.com/candus.kampfer Facebook: facebook.com/CandusKampfer TikTok: www.tiktok.com/@candu
@makenzijismeis406
@makenzijismeis406 10 ай бұрын
@@CandusKampfer Why does opening balance equity is negative?
@germain1211
@germain1211 Жыл бұрын
You are a life saver, I've been searching hours for this. Thank so much.
@CandusKampfer
@CandusKampfer Жыл бұрын
We're so glad it helped you. Have an amazing day! Kindra ~ Team Candus P.S. We’d love to connect with you! Find us on ↓ Instagram: instagram.com/candus.kampfer Facebook: facebook.com/CandusKampfer TikTok: www.tiktok.com/@canduskampfer Pinterest: pinterest.com/canduskampfer/
@657Crew
@657Crew Жыл бұрын
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
@CandusKampfer
@CandusKampfer Жыл бұрын
Glad it helped you. Have an amazing day! Ednalyn ~ Team Candus P.S. We’d love to connect with you! Find us on ↓ Instagram: instagram.com/candus.kampfer Facebook: facebook.com/CandusKampfer TikTok: www.tiktok.com/@canduskampfer Pinterest: pinterest.com/canduskampfer/
@Elizabeth-fg6we
@Elizabeth-fg6we Жыл бұрын
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!
@CandusKampfer
@CandusKampfer Жыл бұрын
Thank you for watching our videos Glad it helped you. Have an amazing day! Ednalyn ~ Team Candus P.S. We’d love to connect with you! Find us on ↓ Instagram: instagram.com/candus.kampfer Facebook: facebook.com/CandusKampfer TikTok: www.tiktok.com/@canduskampfer Pinterest: pinterest.com/canduskampfer/
@williammary276
@williammary276 2 жыл бұрын
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!!!
@CandusKampfer
@CandusKampfer 2 жыл бұрын
Hi Will and Mary, Sounds like you enjoyed this tip. If you'd like to get them straight to your inbox in the future you can join our weekly Tips & Tricks: canduskampfer.com/weeklytips Have a great day! Ireland Team Candus P.S. We’d love to connect with you! Find us on ↓ Instagram: instagram.com/candus.kampfer Facebook: facebook.com/CandusKampfer TikTok: www.tiktok.com/@canduskampfer
@euniceonyema1642
@euniceonyema1642 8 ай бұрын
Thank you so much for this. Grateful for generous accountants like you to help others
@CandusKampfer
@CandusKampfer 8 ай бұрын
Thank you so much! We love hearing this. 🙏🏻 If you haven't already joined our weekly QB Tips & Tricks, click here to join and we'll send you our tips straight to your inbox: canduskampfer.com/weeklytips Have an amazing day! Sam ~ Team Candus P.S. We’d love to connect with you! Find us on ↓ Instagram: instagram.com/candus.kampfer Facebook: facebook.com/CandusKampfer
@phocon152
@phocon152 Жыл бұрын
WOW thank you I am Balance sheet illiterate this was a big help
@caredfor391
@caredfor391 Жыл бұрын
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.
@CandusKampfer
@CandusKampfer Жыл бұрын
Hi CaredFor, Yay! We love hearing this. 😊 If you haven't already joined our weekly QB Tips & Tricks, click here to join and we'll send you our tips straight to your inbox: canduskampfer.com/weeklytips Have an amazing day! Elaine ~ Team Candus P.S. We’d love to connect with you! Find us on ↓ Instagram: instagram.com/candus.kampfer Facebook: facebook.com/CandusKampfer TikTok: www.tiktok.com/@canduskampfer Pinterest: pinterest.com/canduskampfer/
@gabrielangel09
@gabrielangel09 Жыл бұрын
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 :-)
@CandusKampfer
@CandusKampfer Жыл бұрын
Hi Gabriel, We love hearing this! 🙏🏻 If you haven't already joined our weekly QB Tips & Tricks, click here to join and we'll send you our tips straight to your inbox: canduskampfer.com/weeklytips Have an amazing day! Kindra ~ Team Candus P.S. We’d love to connect with you! Find us on ↓ Instagram: instagram.com/candus.kampfer Facebook: facebook.com/CandusKampfer TikTok: www.tiktok.com/@canduskampfer Pinterest: pinterest.com/canduskampfer/
@devgrp9
@devgrp9 7 ай бұрын
Great Tutorial... explained exactly what I was looking for. Thanks
@CandusKampfer
@CandusKampfer 6 ай бұрын
Hi, I'm so glad to hear that! If you’d like support with customizing your QuickBooks, check out our Customizing QuickBooks workshop: CandusKampfer.com/workshop Have a great day, Samantha, Team Candus
@michaelpeever4492
@michaelpeever4492 2 жыл бұрын
Great video! Thank you!
@CandusKampfer
@CandusKampfer 2 жыл бұрын
Hi Michael, Glad it helped you. Have an amazing day! McKenzie ~ Team Candus P.S. We’d love to connect with you find us on ↓ Instagram: instagram.com/candus.kampfer Facebook: facebook.com/CandusKampfer
@ovaisaqayoom4681
@ovaisaqayoom4681 Жыл бұрын
In some countries you are not allowed by law to draw from retained earning or equity , however you can distribute dividend . So draws are not allowed for a limited liability company in some countries.
@CandusKampfer
@CandusKampfer Жыл бұрын
Interesting to know! Thank you. ~Kindra/Team Candus
@LarrySutton-zf3ct
@LarrySutton-zf3ct Жыл бұрын
That was a really helpful video. Thank you so much!
@CandusKampfer
@CandusKampfer Жыл бұрын
Glad it was helpful, Larry! 😊 If you haven't already joined our weekly QB Tips & Tricks, click here to join and we'll send you our tips straight to your inbox: canduskampfer.com/weeklytips Have an amazing day! Elaine ~ Team Candus P.S. We’d love to connect with you! Find us on ↓ Instagram: instagram.com/candus.kampfer Facebook: facebook.com/CandusKampfer TikTok: www.tiktok.com/@canduskampfer Pinterest: pinterest.com/canduskampfer/
@shahhussain4402
@shahhussain4402 2 жыл бұрын
You explain it maturely
@CandusKampfer
@CandusKampfer 2 жыл бұрын
Thank you very much Shah. Have a great day 😊 P.S. We’d love to connect with you! Find us on ↓ Instagram: instagram.com/candus.kampfer Facebook: facebook.com/CandusKampfer TikTok: www.tiktok.com/@canduskampfer
@ryanw913
@ryanw913 2 жыл бұрын
thank you for the clarification
@CandusKampfer
@CandusKampfer 2 жыл бұрын
You're welcome!
@deborahmawson3352
@deborahmawson3352 2 жыл бұрын
Thanks for the clairfication.
@CandusKampfer
@CandusKampfer 2 жыл бұрын
You're very welcome 🤗
@barbaravargas4883
@barbaravargas4883 Жыл бұрын
Thanks for your video!
@CandusKampfer
@CandusKampfer Жыл бұрын
You're very welcome Barbara! Have a great day, Kindra ~ Team Candus P.S. We’d love to connect with you! Find us on ↓ Instagram: instagram.com/candus.kampfer Facebook: facebook.com/CandusKampfer TikTok: www.tiktok.com/@canduskampfer
@TheWarriorSolution
@TheWarriorSolution Жыл бұрын
Thanks!
@CandusKampfer
@CandusKampfer Жыл бұрын
You're very welcome. 🤩 Have an amazing day! Kindra ~ Team Candus P.S. We’d love to connect with you! Find us on ↓ Instagram: instagram.com/candus.kampfer Facebook: facebook.com/CandusKampfer TikTok: www.tiktok.com/@canduskampfer Pinterest: pinterest.com/canduskampfer/
@neilkonitshek2906
@neilkonitshek2906 Жыл бұрын
Thank you. Very helpful video.
@CandusKampfer
@CandusKampfer Жыл бұрын
Hi @neilkonitshek2906, Glad it helped you. Have an amazing day! Daniel ~ Team Candus P.S. We’d love to connect with you! Find us on ↓ Instagram: instagram.com/candus.kampfer Facebook: facebook.com/CandusKampfer TikTok: www.tiktok.com/@canduskampfer
@wendwesen1
@wendwesen1 2 жыл бұрын
Thank you.
@CandusKampfer
@CandusKampfer 2 жыл бұрын
Awesome! Glad this video helped you 😊 Have an amazing day! Elaine -Team Candus P.S. If you would like to follow her, click the links below ↓ Instagram: instagram.com/candus.kampfer Facebook: facebook.com/CandusKampfer/
@AhMauy
@AhMauy 2 ай бұрын
Didn’t know retain earnings could get negative. Good to know
@CandusKampfer
@CandusKampfer 2 ай бұрын
Hi, Thanks for reaching out. We're so happy that you learned something new from our video! If you’d like to learn more about how to optimize QuickBooks for your business, I recommend checking out our Confidence with QuickBooks program. To learn more you can attend our Customizing QuickBooks workshop. Save your seat here: CandusKampfer.com/workshop Have a great day, Samantha, Team Candus
@Astra-fb2ok
@Astra-fb2ok 2 жыл бұрын
Thank you 🙏
@CandusKampfer
@CandusKampfer 2 жыл бұрын
Yay! Glad it helped you😊 Have an amazing day! Elaine -Team Candus P.S. If you would like to follow her, click the links below ↓ Instagram: instagram.com/candus.kampfer Facebook: facebook.com/CandusKampfer/
@defiantpress
@defiantpress 9 ай бұрын
Great video
@CandusKampfer
@CandusKampfer 9 ай бұрын
Aw, Thank you! If you haven't already joined our weekly QB Tips & Tricks, click here to join and we'll send you our tips straight to your inbox: canduskampfer.com/weeklytips Have an amazing day! Sam ~ Team Candus P.S. We’d love to connect with you! Find us on ↓ Instagram: instagram.com/candus.kampfer Facebook: facebook.com/CandusKampfer
@carriejardin6820
@carriejardin6820 3 жыл бұрын
Thank you so much! This is what I was searching for and found your video. Your explanation was useful for me to confirm the next steps I needed to take in closing out a owner's draw and owner's investment from 2020. The balances were growing and wanted to wait to find and pursue the correct steps. I handled this with 2 Journal Entries. The 1st was to close out Owner's Draw which showed a negative and another JE to close out Owner's Investment both moving to Retained Earnings. I still have a few more items to clean up on the Balance sheet and wanted to ask if the step I took on the following is accurate. There was a negative PayPal balance showing since I did not connect PayPal to QBO, rather I manually added this to the COA and there were a few deposits that I added through the bank feed; and to zero this one out I added a JE moving the negative balance to open balance equity account (I found this solution online). Then, added one last JE moving the new balance shown in open balance equity to each of the owner's equity at 50% since they are a partnership.
@CandusKampfer
@CandusKampfer 3 жыл бұрын
Hi Carrie, Wow! Great job figuring it out. 😁 Thank you for watching our videos!! If you haven't already joined our weekly QB Tips & Tricks emails and want to receive them, click here to join: canduskampfer.com/weeklytips/ and we'll send you our tips straight to your inbox. If you're looking for more QuickBooks confidence and training, I recommend attending her workshop. Here is the link to register to attend: canduskampfer.com/workshop Have a great day! McKenzie Team Candus P.S. We’d love to connect with you! Find us on ↓ Instagram: instagram.com/candus.kampfer Facebook: facebook.com/CandusKampfer
@Elizabeth-fg6we
@Elizabeth-fg6we Жыл бұрын
Do you have a video for the 1120s for the Sch-K member distributions ? I recently been processing S-Corp 1120S but struggle with the negative member distributions. Also how did you learn all your knowledge?
@kmohan24
@kmohan24 11 ай бұрын
Do you have a video to set-up owners equity and draw? I have a C-Corp and have retained earnings, how do i take distributions? I need to set up the equity and draw accounts. Also how can i write a check to myself. Thanks a lot.
@makenzijismeis406
@makenzijismeis406 10 ай бұрын
Why does opening balance equity is negative?
@elizabethalexander2191
@elizabethalexander2191 Жыл бұрын
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.
@CandusKampfer
@CandusKampfer Жыл бұрын
Hi Elizabeth, Thank you for watching our videos 😊 I will add your question to the list Candus uses to create new QuickBooks tips each month. The best possible way for you to receive support from Candus is to register for and attend her workshop. Here is the link to register to attend: canduskampfer.com/workshop Have a great day! Kindra ~ Team Candus P.S. We’d love to connect with you! Find us on ↓ Instagram: instagram.com/candus.kampfer Facebook: facebook.com/CandusKampfer TikTok: www.tiktok.com/@canduskampfer Pinterest: pinterest.com/canduskampfer/
@cindycooley1419
@cindycooley1419 Жыл бұрын
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.
@leiterservices
@leiterservices 2 жыл бұрын
Thank you! This helps! Am I understanding this correctly? Net income and Owner Draw/Shareholder Distribution will both roll into RE on Jan 1 of the next year (Net Income-automatically and Draws-Journal Entry). Example- So if shareholders take an income distribution each quarter (S-corp) based on that quarter's income, essentially, the 2 will cancel each other out and there will be no change in RE?
@CandusKampfer
@CandusKampfer 2 жыл бұрын
Hi Katherine, Yes, if they take every penny out. Sounds like you enjoyed this tip. If you'd like to get them straight to your inbox in the future you can join our weekly Tips & Tricks: canduskampfer.com/weeklytips Have a great day! Ireland Team Candus P.S. We’d love to connect with you! Find us on ↓ Instagram: instagram.com/candus.kampfer Facebook: facebook.com/CandusKampfer
@sararoberts6026
@sararoberts6026 9 ай бұрын
If it is a partnership, does each partner need their own retained earnings account? or just their own contributions and distributions and a combined retained earnings? I need a good partnership video
@CandusKampfer
@CandusKampfer 8 ай бұрын
Hi, Yes, they each get their own "retained earnings". Check with your tax professional to see what they prefer you to call it. Have a great day, Samantha Team Candus
@jfadams.52
@jfadams.52 Жыл бұрын
Thanks, we have been struggling with this issue. I 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?
@CandusKampfer
@CandusKampfer Жыл бұрын
Hi John, Thank you for watching our videos 😊 I will add your question to the list Candus uses to create new QuickBooks tips each month. The best possible way for you to receive support from Candus is to register for and attend her workshop. Here is the link to register to attend: canduskampfer.com/workshop Have a great day! Kindra ~ Team Candus P.S. We’d love to connect with you! Find us on ↓ Instagram: instagram.com/candus.kampfer Facebook: facebook.com/CandusKampfer TikTok: www.tiktok.com/@canduskampfer Pinterest: pinterest.com/canduskampfer/
@noelvisramirezaccounting
@noelvisramirezaccounting 11 ай бұрын
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 .
@CandusKampfer
@CandusKampfer 11 ай бұрын
Thank you for watching our videos 😊 I will add your question to the list Candus uses to create new QuickBooks tips each month. If you haven't already joined our weekly QB Tips & Tricks, click here to join and we'll send you our tips straight to your inbox: canduskampfer.com/weeklytips Have a great day! Sam ~ Team Candus P.S. We’d love to connect with you! Find us on ↓ Instagram: instagram.com/candus.kampfer Facebook: facebook.com/CandusKampfer TikTok: www.tiktok.com/@canduskampfer Pinterest: pinterest.com/canduskampfer/
@user-cd7jq2et8m
@user-cd7jq2et8m 10 ай бұрын
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
@ginapfohl7181
@ginapfohl7181 10 күн бұрын
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!!
@CandusKampfer
@CandusKampfer 9 күн бұрын
Hi Gina,, Thank you for watching our video. If you're interested in more in-depth training on how to do this properly, I recommend checking out our Confidence with QuickBooks program. To learn more you can attend our Customizing QuickBooks workshop. Save your seat here: CandusKampfer.com/workshop Have a great day, Samantha, Team Candus
@joesgirl152
@joesgirl152 2 жыл бұрын
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?
@CandusKampfer
@CandusKampfer 2 жыл бұрын
Hi joesgirl152, We're glad that the video helped you. I'll make sure your question is added to Candus' list of future Tips & Tricks ideas. If you'd like to make sure you get our weekly tips, you can join here: canduskampfer.com/weeklytips Have a great day! Elaine Team Candus P.S. We’d love to connect with you! Find us on ↓ Instagram: instagram.com/candus.kampfer Facebook: facebook.com/CandusKampfer TikTok: www.tiktok.com/@canduskampfer
@TidyBookkeeper
@TidyBookkeeper 4 ай бұрын
What about the opening balance equity. Are we supposed to move that into retained earnings also?
@CandusKampfer
@CandusKampfer 4 ай бұрын
Hi, Thank you for watching our video. If you're interested in more in-depth training on the opening balance equity, I recommend checking out our Confidence with QuickBooks program. To learn more you can attend our Customizing QuickBooks workshop. Save your seat here: CandusKampfer.com/workshop Have a great day, Samantha, Team Candus
@marychristensen7386
@marychristensen7386 Жыл бұрын
So. What I understood from your video is that the net income automatically closes into retained earnings each year. Then I went to QBO, looked at the balance sheet for 2022, and then at the January 1 balance sheet and there was no change in retained earnings. I am still confused.
@brynnmatthews1730
@brynnmatthews1730 7 ай бұрын
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?
@brynnmatthews1730
@brynnmatthews1730 7 ай бұрын
Wait-got it!
@CandusKampfer
@CandusKampfer 7 ай бұрын
Hi Bryn, I'm so glad you were able to figure it out! If you'd like to learn more about our program, you learn more here: ConfidencewithQuickBooks.com Have a great day, Sam, Team Candus
@kayskifinancial
@kayskifinancial 7 ай бұрын
Should I also close out the opening balance equity account?
@CandusKampfer
@CandusKampfer 7 ай бұрын
Hi Kay, Thank you for reaching out. Yes, Candus typically does that at the end of every year. Have a great day, Samantha, Team Candus
@tani.278
@tani.278 4 ай бұрын
What if the company is a single member LLC, would the process be the same? Thanks
@CandusKampfer
@CandusKampfer 4 ай бұрын
Hi Tani, Thanks for reaching out. Yes, the process would be the same. You can always confirm with your tax-professional if they want to change any of your accounts in your LLC. It will depend on if you elected to file in S-Corp. If you’d like to learn more about how to optimize QuickBooks for your business, I recommend checking out our Confidence with QuickBooks program. To learn more you can attend our Customizing QuickBooks workshop. Save your seat here: CandusKampfer.com/workshop Have a great day, Samantha, Team Candus
@brittanygray1821
@brittanygray1821 3 жыл бұрын
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.
@CandusKampfer
@CandusKampfer 3 жыл бұрын
Hi Brittany, Thanks for reaching out to us! I don't want to give you the wrong info, I'd recommend asking your tax professional. :) Have a great day! McKenzie Team Candus
@jmontaleone2841
@jmontaleone2841 2 жыл бұрын
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). It seems like that number would skew our Retained Earnings for the following years...is that correct? If so, do you have any advice on how to fix this?
@CandusKampfer
@CandusKampfer 2 жыл бұрын
Yes, everything you entered can impact your retained earnings. You can check with your tax professional to see if it’s worth adding and adjusting transactions.
@sunchardmarket7365
@sunchardmarket7365 2 жыл бұрын
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?
@CandusKampfer
@CandusKampfer 2 жыл бұрын
I can't give tax advice 🤓 Please check with your tax professional. Candus
@AustinBoylenCinematography
@AustinBoylenCinematography 6 ай бұрын
Mine is saying please balance debit and credits - it won't work for me Help!!!
@CandusKampfer
@CandusKampfer 6 ай бұрын
Hi Austin, Thank you for watching our video. If you're interested in more in-depth training on this topic, I recommend checking out our Confidence with QuickBooks program. To learn more you can attend our Customizing QuickBooks workshop. Save your seat here: CandusKampfer.com/workshop Have a great day, Samantha, Team Candus
@loreleimiller1077
@loreleimiller1077 2 жыл бұрын
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.
@CandusKampfer
@CandusKampfer 2 жыл бұрын
Lorelei, Are you getting an error?
@valesquezbowen7718
@valesquezbowen7718 Жыл бұрын
How do you zero out retaining earnings
@CandusKampfer
@CandusKampfer Жыл бұрын
Hi! Thank you for watching our videos 😊 I will add your question to the list Candus uses to create new QuickBooks tips each month. If you haven't already joined our weekly QB Tips & Tricks, click here to join and we'll send you our tips straight to your inbox: canduskampfer.com/weeklytips Have a great day! Ednalyn ~ Team Candus P.S. We’d love to connect with you! Find us on ↓ Instagram: instagram.com/candus.kampfer Facebook: facebook.com/CandusKampfer TikTok: www.tiktok.com/@canduskampfer Pinterest: pinterest.com/canduskampfer/
@ahijazi9154
@ahijazi9154 Жыл бұрын
What is the journal entry for closing shareholder Contribution of $23,705?
@CandusKampfer
@CandusKampfer Жыл бұрын
Thank you for watching our videos 😊 Hello, I will add your question to the list Candus uses to create new QuickBooks tips each month. If you haven't already joined our weekly QB Tips & Tricks, click here to join and we'll send you our tips straight to your inbox: canduskampfer.com/weeklytips Have a great day! ~ Team Candus P.S. We’d love to connect with you! Find us on ↓ Instagram: instagram.com/candus.kampfer Facebook: facebook.com/CandusKampfer TikTok: www.tiktok.com/@canduskampfer Pinterest: pinterest.com/canduskampfer/
@ertaitai8656
@ertaitai8656 Жыл бұрын
Opening Balance as o 12/31/2021 shows as -9,337.50 but 12/31/2020 as $5,000.00. 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.
@CandusKampfer
@CandusKampfer Жыл бұрын
Hi @ertaitai8656, Thanks for the feedback. Have an amazing day! ~ Team Candus P.S. We’d love to connect with you! Find us on ↓ Instagram: instagram.com/candus.kampfer Facebook: facebook.com/CandusKampfer TikTok: www.tiktok.com/@canduskampfer
@RyanTinger
@RyanTinger 2 жыл бұрын
Candus, will the "opening balance equity", always stay the same? Or will it be reset each year?
@CandusKampfer
@CandusKampfer 2 жыл бұрын
Hi A R, Thank you so much for watching our videos! Here is a link to our videos for QBO: kzbin.infosearch?query=Online If you haven't already joined our weekly QB Tips & Tricks emails and want to receive them, click here to join: canduskampfer.com/weeklytips/ and we'll send you our tips straight to your inbox. If you're looking for more QuickBooks training, I recommend attending our workshop. Here is the link to register to attend: canduskampfer.com/workshop Have a great day! Ireland Team Candus P.S. We’d love to connect with you! Find us on ↓ Instagram: instagram.com/candus.kampfer Facebook: facebook.com/CandusKampfer
@Caatalina
@Caatalina 2 жыл бұрын
what would be the consequence if one never closed their drawing equity account? asking for a friend^^
@CandusKampfer
@CandusKampfer 2 жыл бұрын
It would show all years in the draws account 😊
@jacobmason7947
@jacobmason7947 3 жыл бұрын
awesome video helped me out a lot would give it two thumbs up if i could ! thanks !!!
@CandusKampfer
@CandusKampfer 3 жыл бұрын
Glad it helped you! Have an amazing day, Ednalyn ~ Team Candus P.S. We’d love to connect with you find us on↓ Instagram: instagram.com/candus.kampfer Facebook: facebook.com/CandusKampfer
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