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Level 1

Does the end of the year closing of the books wipe your slat clean for the next year?

 
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Community Champion

Does the end of the year closing of the books wipe your slat clean for the next year?

Nope, not even your slate.

 

QB is perpetual recordkeeping and everything is date related. Profit (or loss) will post to retained earnings but even your changes in equity have to be zeroed manually on day 1 of next year.

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