Hi, I am a member of a 2 member LLC. As of March 9th, 2012, the other member decided to withdraw from the LLC. How do I close the books manually on that date? I need to disburse the net income to retained earnings and then to our individual equity accounts. Is that possible? If not, what are my options?
There’s no way to automatically close in the middle of your fiscal year. You could change your fiscal year in Company > Company Information, but it only lets you define the month not a specific date.You should do a journal entry instead. Just $0 out all your revenue and expense accounts and use the retained earnings account for the difference. You’ll get an error message that you shouldn’t use the retained earnings account on a journal entry, but in this case you can ignore it.
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This article is provided for informational purposes and is not intended to be construed as legal, accounting, or other professional advice. For further information, please consult appropriate professional advice from your attorney and certified public accountant.
Written by +Ruth Perryman, CMA, CFE, CFM, MBA
Ruth is the president of The QB Specialists, an Intuit Premier Reseller that offers huge savings and expert advice on QuickBooks POS and QuickBooks Enterprise. She is an Advanced Certified QuickBooks ProAdvisor and a member of Intuit’s Trainer/Writer Network. She is also certified in QuickBooks POS and QuickBooks Enterprise and has provided expert QuickBooks help to thousands of businesses all over the world since 1996.
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