Closing Equity into Retained Earnings in QuickBooks Online

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  • čas přidán 12. 07. 2024
  • Did you Close Equity into Retained Earnings for last year?
    At the end of each year, QuickBooks closes net income into Retained Earnings - yet Owner Draws or Shareholder Distributions need a Journal Entry to be adjusted.
    I created a how-to video to explain how retained earnings and equity accounts work. 😊
    Are you ready to close out your Owner's Draws, Owner's Contributions, Shareholder's Distributions, or Shareholder's Contributions for the previous year?
    If you are looking for the Desktop version of click here: • Closing Equity into Re...
    ➡️ Open Balance Report
    Go under “Business Overview”
    Choose “Balance Sheet”
    Choose “Date” Range
    Click “Run Report”
    ➡️ Profit and Loss - Income and Expense
    ➡️ Balance Sheet - Assets, Equity & Liabilities
    ➡️ Last Year, did you have any Owner Contribution/Distribution?
    Net Income from last year will automatically move to Retained Earnings first day of the next year.
    ➡️ Sample Report Period:
    Last Year - Dec. 31, 2020 - Net Income $91.25
    Next Year - Jan. 1, 2021 - Retained Earnings $91.25
    *QuickBooks naturally does the Retained Earnings*
    ➡️ Close Equity to Retained Earnings
    Go up to “+ New”
    Choose “Journal Entry”
    Choose the first day of the new year
    Choose Account: “Owner’s Equity: Draw”
    Add “Credit amount”
    Description
    Add in 2nd line: Retained Earnings
    Add “Debit amount”
    Description
    **When Checking Balance Sheet Report (1st day of next year)
    Draw is Zeroed out and the amount is moved to Retained Earnings (Negative amount)
    Tip: If you are behind on your closing entries. Take a deep breath… You can go back and adjust your entries one year at a time.
    Looking for the training on "How to enter Depreciation into QuickBooks": • How to enter Depreciat...
    Join us on our next workshop to learn how to design QuickBooks for your specific business... ➡️ CandusKampfer.com/workshop
    Receive our QB tips straight to your inbox each week visit: ➡️ CandusKampfer.com/tips
    Subscribe for more QuickBooks tips 👇
    czcams.com/users/CandusKampf...
    I’d love to hear if this inspired an “aha moment” and if you are ready to close your Equity accounts.
    Timestamps:
    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 (Retained Earnings)
    8:47 - Tips & Tricks/Confidence with QuickBooks
    I’d love to connect with you 👇
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Komentáře • 105

  • @germain1211
    @germain1211 Před rokem +2

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

    • @CandusKampfer
      @CandusKampfer  Před rokem

      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 ↓
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  • @FallingWaterScapes
    @FallingWaterScapes Před 5 měsíci +2

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

    • @CandusKampfer
      @CandusKampfer  Před 5 měsíci +1

      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

  • @phocon152
    @phocon152 Před rokem

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

  • @williammary276
    @williammary276 Před 2 lety

    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  Před 2 lety

      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
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  • @ImJustTerri
    @ImJustTerri Před 2 lety +2

    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  Před 2 lety

      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 ↓
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  • @euniceonyema1642
    @euniceonyema1642 Před 7 měsíci

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

    • @CandusKampfer
      @CandusKampfer  Před 7 měsíci

      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
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  • @Elizabeth-fg6we
    @Elizabeth-fg6we Před rokem

    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  Před rokem

      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 ↓
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  • @caredfor391
    @caredfor391 Před rokem

    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  Před rokem

      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
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  • @gabrielangel09
    @gabrielangel09 Před rokem +1

    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  Před rokem

      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
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  • @LarrySutton-zf3ct
    @LarrySutton-zf3ct Před rokem

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

    • @CandusKampfer
      @CandusKampfer  Před rokem

      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
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  • @devgrp9
    @devgrp9 Před 5 měsíci

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

    • @CandusKampfer
      @CandusKampfer  Před 5 měsíci

      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 Před 2 lety +1

    Great video! Thank you!

    • @CandusKampfer
      @CandusKampfer  Před 2 lety

      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
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  • @shahhussain4402
    @shahhussain4402 Před 2 lety

    You explain it maturely

    • @CandusKampfer
      @CandusKampfer  Před 2 lety +1

      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
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  • @657Crew
    @657Crew Před 11 měsíci

    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  Před 11 měsíci

      Glad it helped you.
      Have an amazing day!
      Ednalyn ~ Team Candus
      P.S. We’d love to connect with you! Find us on ↓
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  • @neilkonitshek2906
    @neilkonitshek2906 Před 10 měsíci

    Thank you. Very helpful video.

    • @CandusKampfer
      @CandusKampfer  Před 10 měsíci +1

      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 ↓
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  • @deborahmawson3352
    @deborahmawson3352 Před 2 lety +1

    Thanks for the clairfication.

  • @tootsiie7256
    @tootsiie7256 Před rokem +1

    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  Před rokem

      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 ↓
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    • @makenzijismeis406
      @makenzijismeis406 Před 8 měsíci

      @@CandusKampfer Why does opening balance equity is negative?

  • @ryanw913
    @ryanw913 Před 2 lety +1

    thank you for the clarification

  • @barbaravargas4883
    @barbaravargas4883 Před rokem

    Thanks for your video!

    • @CandusKampfer
      @CandusKampfer  Před rokem

      You're very welcome Barbara!
      Have a great day,
      Kindra ~ Team Candus
      P.S. We’d love to connect with you! Find us on ↓
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  • @lubanks6278
    @lubanks6278 Před měsícem

    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  Před měsícem

      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

  • @Astra-fb2ok
    @Astra-fb2ok Před 2 lety +1

    Thank you 🙏

    • @CandusKampfer
      @CandusKampfer  Před 2 lety +1

      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
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  • @wendwesen1
    @wendwesen1 Před 2 lety +1

    Thank you.

    • @CandusKampfer
      @CandusKampfer  Před 2 lety

      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/

  • @carriejardin6820
    @carriejardin6820 Před 2 lety +1

    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  Před 2 lety

      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 ↓
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  • @TheWarriorSolution
    @TheWarriorSolution Před rokem +1

    Thanks!

    • @CandusKampfer
      @CandusKampfer  Před rokem

      You're very welcome. 🤩
      Have an amazing day!
      Kindra ~ Team Candus
      P.S. We’d love to connect with you! Find us on ↓
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  • @AhMauy
    @AhMauy Před měsícem

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

    • @CandusKampfer
      @CandusKampfer  Před měsícem

      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

  • @Elizabeth-fg6we
    @Elizabeth-fg6we Před rokem

    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?

  • @defiantpress
    @defiantpress Před 8 měsíci

    Great video

    • @CandusKampfer
      @CandusKampfer  Před 8 měsíci

      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 ↓
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  • @joesgirl152
    @joesgirl152 Před 2 lety

    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  Před 2 lety

      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
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  • @cindycooley1419
    @cindycooley1419 Před rokem

    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.

  • @sunchardmarket7365
    @sunchardmarket7365 Před 2 lety

    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  Před 2 lety

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

  • @ovaisaqayoom4681
    @ovaisaqayoom4681 Před rokem +1

    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  Před rokem

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

  • @kmohan24
    @kmohan24 Před 9 měsíci

    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.

  • @jmontaleone2841
    @jmontaleone2841 Před 2 lety +1

    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  Před 2 lety

      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.

  • @user-cd7jq2et8m
    @user-cd7jq2et8m Před 9 měsíci

    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

  • @leiterservices
    @leiterservices Před 2 lety +1

    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  Před 2 lety

      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
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  • @jfadams.52
    @jfadams.52 Před rokem +1

    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  Před rokem

      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
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  • @noelvisramirezaccounting
    @noelvisramirezaccounting Před 10 měsíci

    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  Před 10 měsíci

      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
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  • @elizabethalexander2191
    @elizabethalexander2191 Před rokem +1

    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  Před rokem

      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 ↓
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  • @RyanTinger
    @RyanTinger Před 2 lety

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

    • @CandusKampfer
      @CandusKampfer  Před 2 lety

      Hi A R,
      Thank you so much for watching our videos!
      Here is a link to our videos for QBO: czcams.com/users/CandusKampfersearch?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

  • @marychristensen7386
    @marychristensen7386 Před rokem

    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.

  • @loreleimiller1077
    @loreleimiller1077 Před 2 lety

    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.

  • @brittanygray1821
    @brittanygray1821 Před 2 lety +1

    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  Před 2 lety

      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

  • @TidyBookkeeper
    @TidyBookkeeper Před 3 měsíci

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

    • @CandusKampfer
      @CandusKampfer  Před 3 měsíci

      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

  • @sararoberts6026
    @sararoberts6026 Před 7 měsíci

    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  Před 7 měsíci

      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

  • @kayskifinancial
    @kayskifinancial Před 5 měsíci

    Should I also close out the opening balance equity account?

    • @CandusKampfer
      @CandusKampfer  Před 5 měsíci

      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 Před 3 měsíci

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

    • @CandusKampfer
      @CandusKampfer  Před 3 měsíci

      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

  • @jacobmason7947
    @jacobmason7947 Před 3 lety +1

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

    • @CandusKampfer
      @CandusKampfer  Před 3 lety

      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

  • @ahijazi9154
    @ahijazi9154 Před rokem

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

    • @CandusKampfer
      @CandusKampfer  Před rokem +1

      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/

  • @brynnmatthews1730
    @brynnmatthews1730 Před 5 měsíci

    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 Před 5 měsíci

      Wait-got it!

    • @CandusKampfer
      @CandusKampfer  Před 5 měsíci

      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

  • @makenzijismeis406
    @makenzijismeis406 Před 8 měsíci

    Why does opening balance equity is negative?

  • @Caatalina
    @Caatalina Před 2 lety

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

    • @CandusKampfer
      @CandusKampfer  Před 2 lety

      It would show all years in the draws account 😊

  • @valesquezbowen7718
    @valesquezbowen7718 Před rokem

    How do you zero out retaining earnings

    • @CandusKampfer
      @CandusKampfer  Před rokem

      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/

  • @ertaitai8656
    @ertaitai8656 Před 10 měsíci

    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  Před 10 měsíci +1

      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

  • @AustinBoylenCinematography
    @AustinBoylenCinematography Před 5 měsíci

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

    • @CandusKampfer
      @CandusKampfer  Před 5 měsíci

      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