S Corp and closing entries

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#1
Andrew  
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CA
I have read a conflicting information about an S Corp shareholder distributions. Should the shareholder distributions be closed into retained earnings at year-end? Client uses QBO.
 

#2
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22-Apr-2014 3:06pm
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WA State
I usually close them on Jan 1 each year
~Captcook
 

#3
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North Carolina
I'm with Capt. I like to close them at beginning of new year. That way I can see right off what the shareholders have drawn out during the year.
 


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