Hello! I could really use some expertise on how to handle this situation:
I have picked up a new small client and I need to close out their owner distributions, but I am not sure how to handle it. They keep their books open for 24 months, so they just closed 2022 on 12/22/23. It is now 1/11/24, can I close out the owner distributions account now...or did that need to be done immediately after closing the books?
They have these 2 equity accounts:
Retained Earnings with a balance of ($1,170,581)
Shareholder Distributions with a balance of $1,060,040
