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Chapter 19. Equity Accounts > Transferring Current Earnings at Year-End

Transferring Current Earnings at Year-End

Many bookkeeping software programs require you to close periods and perform closing tasks at the end of the year. With QuickBooks, you don’t have to close your books. At the end of the year, QuickBooks automatically transfers the balance in the Opening Balance Equity account to the Retained Earnings account. If you want to use a different name instead of Retained Earnings to track your equity, you will need to create your own journal entry or use a transfer transaction, as described earlier in this chapter, to transfer the equity into your chosen account.


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