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S Corp and closing entries
Any non-Tax accounting topics go here.
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22-Aug-2019 1:40pm
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#1
Andrew
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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.
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22-Aug-2019 10:09pm
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#2
CaptCook
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I usually close them on Jan 1 each year
~Captcook
23-Aug-2019 8:51am
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#3
Seaside CPA
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22-Apr-2014 1:34pm
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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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