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January 4, 2021
Question

Closing Entries

  • January 4, 2021
  • 0 replies
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Should the equity accounts (Member Contributions and Member Draws) for a sole proprietorship be closed out also?  Right now after QB Desktop transferred my net income to RE, the expense accounts and income are still showing in the COA.  How do I get it to clear so expenses and income can be tracked for this next year?