intuit quickbooks pro 2014 close year end

So to update my process, I'd instead just do the following: Zeroing out temporary accounts is not necessary for the purpose of computing income, since I can just create PnL reports or refer to the automatic closing entries for retained earnings in the BS. IOW, the closing entries are not really in the journal, but when I produce a BS they get added to the account on Dec 31 of each year in the report's time period.īecause the retained earnings account exists, I don't need to create my own income summary account. QB automatically provides a retained earnings account with a closing entry for the net income at the end of every period but only at report time. Zero out owner's draw / contribution accounts into owner's equity account.įrom poking around in various threads, I've read that: Zero out income summary account into owner's equity account. Zero out temporary accounts (income, expenses) into an income summary account. Originally from reading up on basic accounting, my expectation was that I'd have to journal the following closing entries on Jan 1: I was hoping some more experienced folks could review / correct my thought process here. I think I mostly understand the principles behind closing entries, but am not sure how everything translates to QB as I understand some of the manual process is not really necessary thanks to QB magic. New to quickbooks and accounting in general, and am currently using quickbooks desktop pro.

Intuit quickbooks pro 2014 close year end