I am self employed and wanting to know how to properly close off the books and amend the income amounts. Currently QB is showing the balance for past 3 years

Hi, Audrey. I'd be happy to guide you on how to properly close off your books in QuickBooks Online (QBO).

Before closing your books, make sure all your accounts, including bank and credit card accounts, are reconciled. If you need to amend income amounts for the past years, make the necessary adjustments by going to the Sales tab. Here's how:
 

1. Go to the Sales menu, then All sales.
2. Filter the Type, Date and Customer.
3. Locate the income transactions you need to amend and click Edit.
4. Edit the transaction amounts and save the changes.

Once everything's fine, let's proceed in closing your books. Here's how:

1. Go to the Gear icon, select Account and Settings.
2. Click the Advanced tab.
3. Under the Accounting section, toggle the Close the books option.
4. Enter the Closing date.
   
   
    
5. Set whether or not a password is needed to change closed transactions.
6. Click Save, then Done.

If your QBO is still showing balances for the past three years, this may be due to the way transactions are recorded. You can adjust your reports or filter your view to focus only on the current year.

You can also work with a professional accountant to help you in managing your books. They can review your accounts and reclassify transactions. If you're not affiliated with one, you can Find a ProAdvisor near you.

Moreover, you may consider checking these articles for more information about retained earnings in QuickBooks:
 

• How to view Retained Earnings account details.
• How to enter a beginning balance for an existing account
   

If you have any further questions or need more assistance, feel free to reply below. I'm here to help you ensure your books are accurately managed, Audrey.