Hi, Thanks for watching our video. We're so happy that you enjoyed our tutorial! Email us at support@canduskampfer.com if you’d like to learn more about our QuickBooks trainings 🤗 We’re happy to have you a part of our community! Have a great day, Samantha, Team Candus
Hi, Thanks for reaching out. I'm so happy you found our video helpful! If you’d like to learn more about how to optimize QuickBooks for your business, I recommend checking out our Confidence with QuickBooks program. To learn more you can attend our Customizing QuickBooks workshop. Save your seat here: CandusKampfer.com/workshop Have a great day, Samantha, Team Candus
Glad it helped you. Have an amazing day! Ednalyn ~ Team Candus P.S. We’d love to connect with you! Find us on ↓ Instagram: instagram.com/candus.kampfer Facebook: facebook.com/CandusKampfer TikTok: www.tiktok.com/@canduskampfer Pinterest: pinterest.com/canduskampfer/
Hi Maxwell, Glad it helped you. Have an amazing day! Kindra ~ Team Candus P.S. We’d love to connect with you! Find us on ↓ Instagram: instagram.com/candus.kampfer Facebook: facebook.com/CandusKampfer TikTok: www.tiktok.com/@canduskampfer Pinterest: pinterest.com/canduskampfer/
Hi Jeff, I'm so glad it helped you. Have an amazing day! Kindra ~ Team Candus P.S. We’d love to connect with you! Find us on ↓ Instagram: instagram.com/candus.kampfer Facebook: facebook.com/CandusKampfer TikTok: www.tiktok.com/@canduskampfer
Hi Ryan, I'm glad you enjoyed it! If you're looking for more QuickBooks training, I'd recommend joining us on our next workshop. You can save your seat here: canduskampfer.com/workshop Have a great day! Ireland Team Candus P.S. We’d love to connect with you! Find us on ↓ Instagram: instagram.com/candus.kampfer Facebook: facebook.com/CandusKampfer
Thank you Chanly Son. Glad it helped you😊 Have an amazing day! Elaine -Team Candus P.S. If you would like to follow her, click the links below ↓ Instagram: instagram.com/candus.kampfer Facebook: facebook.com/CandusKampfer/
Thank you for reaching out 🙂 I'll make sure your question is added to Candus' list of future Tips & Tricks ideas. If you'd like to make sure you get our weekly tips, you can join here: canduskampfer.com/weeklytips Have an amazing day! Elaine Team Candus P.S. We’d love to connect with you! Find us on ↓ Instagram: instagram.com/candus.kampfer Facebook: facebook.com/CandusKampfer TikTok: www.tiktok.com/@canduskampfer
Hi Candus, how do I set up a owner's draw account in quickbooks pro desktop. I am a C-Corp. And how do I take out retained earnings to my personal account? Thanks a lot
Hi, Thanks for reaching out. Yes, equity accounts are typically a credit balance. When zeroing them out it would be a debit. Thank you for being a part of our community! Have a great day, Samantha, Team Candus
@@CandusKampfer Thank you for your reply and I can understand it better now. I have learned lots from your videos. I have also seen other youtubers put owner's draw under the liability account. Then it will be zeroed out as a dividend if it's under a corporation. And if it is not adjusted at the year end, then the amount will be added to the owner's income (year 2025).
Hi, We're so glad that you've learned a lot from our videos and understand this better now 🤗 Thanks for being a part of our community! Have a great day, Samantha, Team Candus
This is a very helpful and clear video. Thank you so much! I have one client QB file that only uses one equity account for the one shareholder, so if a contribution is made it simply offsets the draws in that account. It's typically thought of as a draws account since the draws usually exceed the contributions. Once every so often there's a year when the contributions are higher, so the balance at the end of the year is positive in that account. Would you still do an adjustment for just the contributions, in essence increasing the retained earnings balance? (And, is it okay to keep doing distributions and contributions in one GL account?)
Thank you so much! We're so glad you found our video helpful 😊 I will add your question to the list Candus uses to create new QuickBooks tips each month. If you haven't already joined our weekly QB Tips & Tricks, click here to join and we'll send you our tips straight to your inbox: canduskampfer.com/weeklytips Have a great day! Sam ~ Team Candus P.S. We’d love to connect with you! Find us on ↓ Instagram: instagram.com/candus.kampfer Facebook: facebook.com/CandusKampfer TikTok: www.tiktok.com/@canduskampfer Pinterest: pinterest.com/canduskampfer/
Hi Candus, Thanks so much for this video and the others you put out - they're always informative and much appreciated! My question specific to this one is can I close owner's contributions a few years after the fact? In other words, the business started in 2019 with $1000 of owner's equity and that has never been closed into retained earnings so is it too late or can I do it this year? Thank you again!
Yay! Glad know that the videos are helping you 😊 I'll make sure your question is added to Candus' list of future Tips & Tricks ideas. If you'd like to make sure you get our weekly tips, you can join here: canduskampfer.com/weeklytips Have an amazing day! Elaine Team Candus P.S. We’d love to connect with you! Find us on ↓ Instagram: instagram.com/candus.kampfer Facebook: facebook.com/CandusKampfer TikTok: www.tiktok.com/@canduskampfer
Hi Candus Kamper I am confused closing retained earning, draws. Would mind if you can help me solve it. If i send you copy of my QB company backup? Coz i can not make them zero same way as you did. Thanks
Thank you for watching our videos 😊 The best possible way for you to receive support from Candus is to register for and attend her workshop. Here is the link to register to attend: canduskampfer.com/workshop Have a great day! Kindra ~ Team Candus P.S. We’d love to connect with you! Find us on ↓ Instagram: instagram.com/candus.kampfer Facebook: facebook.com/CandusKampfer TikTok: www.tiktok.com/@canduskampfer Pinterest: pinterest.com/canduskampfer/
Hi Kelly, A journal entry to the drawing account consists of a debit to the drawing account and a credit to the cash account. Have a great day! Kindra ~ Team Candus P.S. We’d love to connect with you! Find us on ↓ Instagram: instagram.com/candus.kampfer Facebook: facebook.com/CandusKampfer TikTok: www.tiktok.com/@canduskampfer
Hi Dana, Yes, this are things you would do after all your transactions are entered and taxes are filed. If you're looking for more QuickBooks training, I recommend attending our workshop. Here is the link to register to attend: canduskampfer.com/workshop Have a great day! Ireland Team Candus P.S. We’d love to connect with you! Find us on ↓ Instagram: instagram.com/candus.kampfer Facebook: facebook.com/CandusKampfer
My Quickbooks Mac Desktop 2022 has two folders for company files: documents and applications. None of my company files are in the Quickbooks applications folder. How can I fix this?
You said : Tip: If you are behind on your closing entries you can go back and adjust one year at a time. QUESTION: Won't this change your P&L and/or Balance Sheets for previous years? Thanks.
@@CandusKampfer Yes, only closing out equity accounts. Since taxes are already file, might make better sense to close out the equity accounts to 1/1/23. Interesting to think about. Thanks.
How can i close the net income or losses into retained earnings ??? Should made automatically but something wrong its stay in net income account in balance sheet
Hi Candus! Great Lesson, however please going forward would you state what you are clicking to open rather than just saying "open this"? The video isn't very clear and the printed messages on the video are over the Toolbar/Tabs area. Thanks for offering this video!
Hi, Thank you for watching our video. If you're interested in more in-depth training on this topic, I recommend checking out our Confidence with QuickBooks program. To learn more you can attend our QuickBooks Workshop. Save your seat here: CandusKampfer.com/workshop Have a great day, Samantha, Team Candus
Hi Keith Thank you for watching our video. If you're interested in more in-depth training on equity, I recommend checking out our Confidence with QuickBooks program. To learn more you can attend our QuickBooks workshop. Save your seat here: CandusKampfer.com/workshop Have a great day, Samantha, Team Candus
Hi Sandra, If you would like to learn QuickBooks I'd recommend taking Candus's workshop. Here is the link to join: canduskampfer.com/workshop Have a great day! McKenzie Team Candus P.S. We’d love to connect with you! Find us on ↓ Instagram: instagram.com/candus.kampfer Facebook: facebook.com/CandusKampfer
This is so good! thank you
Hi,
Thanks for watching our video.
We're so happy that you enjoyed our tutorial!
Email us at support@canduskampfer.com if you’d like to learn more about our QuickBooks trainings 🤗
We’re happy to have you a part of our community!
Have a great day,
Samantha, Team Candus
Totally straight forward and helpful. Thank you.
Hi,
Thanks for reaching out.
I'm so happy you found our video helpful!
If you’d like to learn more about how to optimize QuickBooks for your business, I recommend
checking out our Confidence with QuickBooks program. To learn more you can attend our Customizing QuickBooks workshop. Save your seat here:
CandusKampfer.com/workshop
Have a great day,
Samantha, Team Candus
Very helpful, thank you!
Glad it helped you.
Have an amazing day!
Ednalyn ~ Team Candus
P.S. We’d love to connect with you! Find us on ↓
Instagram: instagram.com/candus.kampfer
Facebook: facebook.com/CandusKampfer
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Pinterest: pinterest.com/canduskampfer/
Very helpful, thank you
Hi Maxwell,
Glad it helped you.
Have an amazing day!
Kindra ~ Team Candus
P.S. We’d love to connect with you! Find us on ↓
Instagram: instagram.com/candus.kampfer
Facebook: facebook.com/CandusKampfer
TikTok: www.tiktok.com/@canduskampfer
Pinterest: pinterest.com/canduskampfer/
Thanks, super helpful!
Hi Jeff,
I'm so glad it helped you.
Have an amazing day!
Kindra ~ Team Candus
P.S. We’d love to connect with you! Find us on ↓
Instagram: instagram.com/candus.kampfer
Facebook: facebook.com/CandusKampfer
TikTok: www.tiktok.com/@canduskampfer
This is a great video, thanks.
Hi Ryan,
I'm glad you enjoyed it!
If you're looking for more QuickBooks training, I'd recommend joining us on our next workshop.
You can save your seat here: canduskampfer.com/workshop
Have a great day!
Ireland
Team Candus
P.S. We’d love to connect with you! Find us on ↓
Instagram: instagram.com/candus.kampfer
Facebook: facebook.com/CandusKampfer
Great lesson
Thank you Chanly Son. Glad it helped you😊
Have an amazing day!
Elaine -Team Candus
P.S. If you would like to follow her, click the links below ↓
Instagram: instagram.com/candus.kampfer
Facebook: facebook.com/CandusKampfer/
At 4:46 I noticed you unchecked the "Adjusting Entries" Box. Is closing out Owner drawing's into retained earnings not an adjusting entry ?
Thank you for reaching out 🙂
I'll make sure your question is added to Candus' list of future Tips & Tricks ideas.
If you'd like to make sure you get our weekly tips, you can join here: canduskampfer.com/weeklytips
Have an amazing day!
Elaine
Team Candus
P.S. We’d love to connect with you! Find us on ↓
Instagram: instagram.com/candus.kampfer
Facebook: facebook.com/CandusKampfer
TikTok: www.tiktok.com/@canduskampfer
Hi Candus, how do I set up a owner's draw account in quickbooks pro desktop. I am a C-Corp. And how do I take out retained earnings to my personal account? Thanks a lot
I think owners contrinution is a credit in journal entries ?
Hi,
Thanks for reaching out.
Yes, equity accounts are typically a credit balance. When zeroing them out it would be a debit.
Thank you for being a part of our community!
Have a great day,
Samantha, Team Candus
@@CandusKampfer Thank you for your reply and I can understand it better now. I have learned lots from your videos. I have also seen other youtubers put owner's draw under the liability account. Then it will be zeroed out as a dividend if it's under a corporation. And if it is not adjusted at the year end, then the amount will be added to the owner's income (year 2025).
Hi,
We're so glad that you've learned a lot from our videos and understand this better now 🤗
Thanks for being a part of our community!
Have a great day,
Samantha, Team Candus
This is a very helpful and clear video. Thank you so much! I have one client QB file that only uses one equity account for the one shareholder, so if a contribution is made it simply offsets the draws in that account. It's typically thought of as a draws account since the draws usually exceed the contributions. Once every so often there's a year when the contributions are higher, so the balance at the end of the year is positive in that account. Would you still do an adjustment for just the contributions, in essence increasing the retained earnings balance? (And, is it okay to keep doing distributions and contributions in one GL account?)
Thank you so much! We're so glad you found our video helpful 😊
I will add your question to the list Candus uses to create new QuickBooks tips each month. If you haven't already joined our weekly QB Tips & Tricks, click here to join and we'll send you our tips straight to your inbox: canduskampfer.com/weeklytips
Have a great day!
Sam ~ Team Candus
P.S. We’d love to connect with you! Find us on ↓
Instagram: instagram.com/candus.kampfer
Facebook: facebook.com/CandusKampfer
TikTok: www.tiktok.com/@canduskampfer
Pinterest: pinterest.com/canduskampfer/
Hi Candus, Thanks so much for this video and the others you put out - they're always informative and much appreciated! My question specific to this one is can I close owner's contributions a few years after the fact? In other words, the business started in 2019 with $1000 of owner's equity and that has never been closed into retained earnings so is it too late or can I do it this year? Thank you again!
Yay! Glad know that the videos are helping you 😊
I'll make sure your question is added to Candus' list of future Tips & Tricks ideas.
If you'd like to make sure you get our weekly tips, you can join here: canduskampfer.com/weeklytips
Have an amazing day!
Elaine
Team Candus
P.S. We’d love to connect with you! Find us on ↓
Instagram: instagram.com/candus.kampfer
Facebook: facebook.com/CandusKampfer
TikTok: www.tiktok.com/@canduskampfer
Hi Candus Kamper I am confused closing retained earning, draws. Would mind if you can help me solve it. If i send you copy of my QB company backup? Coz i can not make them zero same way as you did. Thanks
Thank you for watching our videos 😊
The best possible way for you to receive support from Candus is to register for and attend her workshop.
Here is the link to register to attend: canduskampfer.com/workshop
Have a great day!
Kindra ~ Team Candus
P.S. We’d love to connect with you! Find us on ↓
Instagram: instagram.com/candus.kampfer
Facebook: facebook.com/CandusKampfer
TikTok: www.tiktok.com/@canduskampfer
Pinterest: pinterest.com/canduskampfer/
it's great lesson
Thank you so much 😊
Thank you so much for your videos! One question, What is the other account that you use to close Owner's Draw?
Hi Kelly,
A journal entry to the drawing account consists of a debit to the drawing account and a credit to the cash account.
Have a great day!
Kindra ~ Team Candus
P.S. We’d love to connect with you! Find us on ↓
Instagram: instagram.com/candus.kampfer
Facebook: facebook.com/CandusKampfer
TikTok: www.tiktok.com/@canduskampfer
I usually don’t know my year end figures until I record all my credit card statements which don’t arrive until the middle of January.
Hi Dana,
Yes, this are things you would do after all your transactions are entered and taxes are filed.
If you're looking for more QuickBooks training, I recommend attending our workshop.
Here is the link to register to attend: canduskampfer.com/workshop
Have a great day!
Ireland
Team Candus
P.S. We’d love to connect with you! Find us on ↓
Instagram: instagram.com/candus.kampfer
Facebook: facebook.com/CandusKampfer
My Quickbooks Mac Pro desktop doesn't show the RE or the closing entry after the closing date was entered for 12/31/21. Do you know how to fix this?
It should show on the first day of the new year.
Candus
Hai how to transfer net income to reserve
My Quickbooks Mac Desktop 2022 has two folders for company files: documents and applications. None of my company files are in the Quickbooks applications folder. How can I fix this?
Are you having an issue with your QuickBooks? The documents will up receipts or files you upload.
Susan
Team Candus
You said : Tip: If you are behind on your closing entries you can go back and adjust one year at a time.
QUESTION: Won't this change your P&L and/or Balance Sheets for previous years? Thanks.
It will not change your Profit and Loss if you're closing out equity accounts. It will change up your balance sheet.
@@CandusKampfer Yes, only closing out equity accounts. Since taxes are already file, might make better sense to close out the equity accounts to 1/1/23. Interesting to think about. Thanks.
How can i close the net income or losses into retained earnings ??? Should made automatically but something wrong its stay in net income account in balance sheet
Make sure you are looking at the Balance sheet on the first day of the next year?
Candus
Hi Candus! Great Lesson, however please going forward would you state what you are clicking to open rather than just saying "open this"? The video isn't very clear and the printed messages on the video are over the Toolbar/Tabs area. Thanks for offering this video!
Cheryl,
Thank you for your feedback. You can turn the captions off, if they are in your way.
Have a wonderful day!
Candus
I thought it was the other way around, that Retained Earnings gets closed out into Owner's Equity?! What's the point of this method?
Hi,
Thank you for watching our video.
If you're interested in more in-depth training on this topic, I recommend checking out our Confidence with QuickBooks program. To learn more you can attend our QuickBooks Workshop. Save your seat here: CandusKampfer.com/workshop
Have a great day,
Samantha, Team Candus
@@CandusKampfer :(
Retained Earnings is a line item of Equity.... not the other way around.
Equity is a temporary account? Huh?
Hi Keith
Thank you for watching our video.
If you're interested in more in-depth training on equity, I recommend checking out our Confidence with QuickBooks program. To learn more you can attend our QuickBooks workshop. Save your seat here: CandusKampfer.com/workshop
Have a great day,
Samantha, Team Candus
hi candus love your videos how can i contact you to see if you can help me with my bookkeeping
Hi Sandra,
If you would like to learn QuickBooks I'd recommend taking Candus's workshop. Here is the link to join: canduskampfer.com/workshop
Have a great day!
McKenzie
Team Candus
P.S. We’d love to connect with you! Find us on ↓
Instagram: instagram.com/candus.kampfer
Facebook: facebook.com/CandusKampfer