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Level 1

Income Summary

Do I need to create an income summary? if yes, how can i do?

3 Comments 3
Level 6

Income Summary

@Sokkunthea ,


1.  Click Reports on left sidebar.

2.  To explore reports that deal with income to find the one that suits your needs, search on keywords Income or Sales or Profit in the Find Report by Name box.

Level 1

Income Summary

Thank for reply. How about the close entries of the year in quickbook online?

QuickBooks Team

Income Summary

You're always welcome, @Sokkunthea.


I've got some insights on accessing closing entries in QuickBooks Online.


If you'd like to close your books in QBO, make sure to review the account first and log in as a primary or company admin.


Here's how to close your books:

  1. Click on Settings ⚙ and then choose Accounts and Settings.
  2. Choose the Advanced tab.
  3. Click on Edit ✎ in the Accounting section.
  4. Choose the Close the books checkbox.
  5. Fill in the closing date. 
  6. Choose the Allow changes after viewing a warning and entering a password option from the drop-down menu if you want a password before editing your closed books.
  7.  Click on Save then Done.

On the other hand, if you'd like to run a report for the closing entries made on the account, you can access the account detail for Retained Earnings. This will show you each closing entry with the date and the balance of net income transferred to Retained Earnings.


Here's how to access it from your Chart of Accounts:

  1. Click on Settings ⚙, then choose Chart of Accounts.
  2. Find the Retained Earnings account.
  3. From the Action column drop-down menu, click on Run Report.
  4. From the Report period drop-down list, choose All Dates.
  5. Click on Run report.


Check out this article to know more on what to do with your books every end of the year: Year-end guide for QuickBooks Online.


It's my pleasure to help. Please feel free to comment back if you have other concerns with this matter or QuickBooks. Have a good one!


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