Thanks for visiting us here today, @SG91.
I have some information about closing an owner's draw account. Yes, you're correct. To close an owner's draw, you'll have to create a journal entry. In your case, you'll need to enter it by year. This way, you'll come up with a clean account for this year.
To create a journal entry, just click +New and then Journal entry.
Additionally, you can pull up the Profit and Loss by Detail report so you can review all the accounts activity. Here's how to get there.
- Go to Reports.
- Enter Profit and Loss Detail in the search field.
- Set the Report period to Custom so you can choose the start and end date of your report.
- Click Run report.
Learn more about the owner's draw and retained earnings account at these links below.
In case you need help with other tasks in QBOA and QBO, just click on the links to go to our general topics with articles. Just look for responses that suit your concern.
Please know that you're always welcome to comment anytime if you still have questions or concerns with accounts. I'll be around to help. Take care and stay safe.
