ahhh, it depends on whether or not you customized the equity accounts
QB for some unknown reason decided that sole proprietors do not need a retained earnings account and call it equity instead. All other business types will have retained earnings. LLC is a state registration and not a business type by the way.
For a company taxed as a sole proprietor (schedule C) or partnership (form 1065), I recommend you have the following for owner/partner equity accounts (one set for each partner if a partnership)
[name] Equity (do not post to this account it is a summing account)
>> Equity
>> Equity Drawing - you record value you take from the business here
>> Equity Investment - record value you put into the business here
So yes end of year journal entries are needed
debit equity investment for the balance in that account and credit equity
debit equity, and credit equity drawing for the balance in that account
debit retained earnings for the balance in that account and credit equity
