Closing entry auto transfer to share capital account

3 replies
33 views

I would like to know why and what happened to my closing entry auto transfer to share capital account, it should be Credit or debit to retained earnings, how can I fix it?

QuickBooks Desktop

Rustler

Level 15

If there was a net profit, then the closing entry would be a debit

a loss would mean you use a credit

ZelalyenAuthor

Whatever profit or loss the closing entry should be transfer to retained earnings, but the closing entry is automatic transfer to share capital, I can't fix it.

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