Closing Equity into Retained Earnings in QuickBooks Online

[@FallingWaterScapes]

Your QBO explanations / tutorials are the best on KZbin. Thank you!

[@CandusKampfer]

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

[@tootsiie7256]

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]

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]

@@CandusKampfer Why does opening balance equity is negative?

[@ImJustTerri]

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]

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

[@germain1211]

You are a life saver, I've been searching hours for this. Thank so much.

[@CandusKampfer]

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/

[@lubanks6278]

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]

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

[@657Crew]

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]

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]

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]

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

[@Elizabeth-fg6we]

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]

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/

[@gabrielangel09]

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]

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/

[@euniceonyema1642]

Thank you so much for this. Grateful for generous accountants like you to help others

[@CandusKampfer]

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]

WOW thank you I am Balance sheet illiterate this was a big help

[@ovaisaqayoom4681]

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]

Interesting to know! Thank you. ~Kindra/Team Candus

[@shahhussain4402]

You explain it maturely

[@CandusKampfer]

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

[@devgrp9]

Great Tutorial... explained exactly what I was looking for. Thanks

[@CandusKampfer]

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

[@caredfor391]

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]

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/

[@Christ_is_King951]

heck ya so helpful!!

[@CandusKampfer]

Hi, Thanks for reaching out. We're so glad that you found this tutorial helpful! Have a great day 🤗 Samantha, Team Candus

[@lisasbrown]

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?

[@CandusKampfer]

Hi Lisa Thanks for reaching out. I'm so glad you enjoyed our tutorial! 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 QuickBooks Workshop. Save your seat here: CandusKampfer.com/workshop Have a great day, Samantha, Team Candus

[@jfadams.52]

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]

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/

[@LarrySutton-zf3ct]

That was a really helpful video. Thank you so much!

[@CandusKampfer]

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/

[@kmohan24]

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.

[@elizabethalexander2191]

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]

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/

[@kayskifinancial]

Should I also close out the opening balance equity account?

[@CandusKampfer]

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

[@Elizabeth-fg6we]

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?

[@joesgirl152]

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]

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

[@michaelpeever4492]

Great video! Thank you!

[@CandusKampfer]

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

[@leiterservices]

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]

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

[@brittanygray1821]

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]

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

[@noelvisramirezaccounting]

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]

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/

[@neilkonitshek2906]

Thank you. Very helpful video.

[@CandusKampfer]

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

[@TheWarriorSolution]

Thanks!

[@CandusKampfer]

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/

[@TidyBookkeeper]

What about the opening balance equity. Are we supposed to move that into retained earnings also?

[@CandusKampfer]

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

[@AhMauy]

Didn’t know retain earnings could get negative. Good to know

[@CandusKampfer]

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

[@deborahmawson3352]

Thanks for the clairfication.

[@CandusKampfer]

You're very welcome 🤗

[@cindycooley1419]

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.

[@sararoberts6026]

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]

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

[@carriejardin6820]

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]

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

[@Christ_is_King951]

If operating on cash basis, technically my basis will start at 0 every year correct? unless i have retained earnings then whatever the retained earnings are, that would be my new basis for the year?

[@CandusKampfer]

Hi, 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 QuickBooks Workshop. Save your seat here: CandusKampfer.com/workshop Have a great day, Samantha, Team Candus

[@SandraLongoria]

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

[@CandusKampfer]

Hi Sandra, Thanks for watching our video! If you'd like a more in-depth training on how to do this if it's the first year that was taxed as an Scorp from SMLLC, you can check out our Confidence with QuickBooks program. To learn more, you can join our Customizing QuickBooks Workshop. You can register here: CandusKampfer.com/workshop Have a wonderful day, Samantha, Team Candus

[@makenzijismeis406]

Why does opening balance equity is negative?

[@ryanw913]

thank you for the clarification

[@CandusKampfer]

You're welcome!

[@marychristensen7386]

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.

[@tani.278]

What if the company is a single member LLC, would the process be the same? Thanks

[@CandusKampfer]

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

[@jmontaleone2841]

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]

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.

[@AnnArcillas-j3j]

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

[@barbaravargas4883]

Thanks for your video!

[@CandusKampfer]

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

[@valesquezbowen7718]

How do you zero out retaining earnings

[@CandusKampfer]

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/

[@brynnmatthews1730]

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]

Wait-got it!

[@CandusKampfer]

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

[@RoostersandChickens]

Great video

[@CandusKampfer]

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

[@RyanTinger]

Candus, will the "opening balance equity", always stay the same? Or will it be reset each year?

[@CandusKampfer]

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

[@ginapfohl7181]

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]

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

[@sunchardmarket7365]

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]

I can't give tax advice 🤓 Please check with your tax professional. Candus

[@darylgadson5189]

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

[@CandusKampfer]

Hi Daryl, Thank you for watching our tutorial. If you're looking for a more in-depth training on how to correct a deposit entry, I recommend checking out our QuickBooks Simplified Community. You can learn more by attending our Cleaning Up Workshop. Save your seat here: CandusKampfer.com/cleanup Have a great day! Samantha, Team Candus

[@loreleimiller1077]

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]

Lorelei, Are you getting an error?

[@Astra-fb2ok]

Thank you 🙏

[@CandusKampfer]

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/

[@wendwesen1]

Thank you.

[@CandusKampfer]

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/

[@ahijazi9154]

What is the journal entry for closing shareholder Contribution of $23,705?

[@CandusKampfer]

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/

[@Caatalina]

what would be the consequence if one never closed their drawing equity account? asking for a friend^^

[@CandusKampfer]

It would show all years in the draws account 😊

[@AustinBoylenCinematography]

Mine is saying please balance debit and credits - it won't work for me Help!!!

[@CandusKampfer]

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

[@GigeeterJeeter]

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

[@ertaitai8656]

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]

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

[@jacobmason7947]

awesome video helped me out a lot would give it two thumbs up if i could ! thanks !!!

[@CandusKampfer]

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