Retained earnings in QuickBooks represent the cumulative net income of your business that has not been distributed to shareholders as dividends. Zeroing out retained earnings in QuickBooks at year-end helps maintain clear financial records. To do this, create a journal entry dated the last day of your fiscal year. Debit the Retained Earnings account and credit the Owner’s Equity account for the total retained earnings balance. Ensure all transactions for the fiscal year are recorded and accounts reconciled. Review and save the entry to finalize the process. Consult an accountant for accuracy and compliance. This practice prepares your books for the new fiscal year, ensuring accurate and organized financial statements.
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