business started in 2019 with $1000 of owner's equity and that has never been closed into retained earnings so is it too late or can I do it this year

Forum|Forum|2 years ago
June 29, 2024
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The business started in 2021 with $1000 of owner's equity and that has never been closed into retained earnings so is it too late or can I do it this year?

QuickBooks Desktop

Best answer by BigRedConsulting

Generally, only current earnings become retained earnings. Owner's equity isn't normally closed into retained earnings, so there may not be anything to do.

BigRedConsultingAnswer

Level 15

Generally, only current earnings become retained earnings. Owner's equity isn't normally closed into retained earnings, so there may not be anything to do.

mblittle15Author

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