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Nothing to worry about, @toddlerner.
If you opt not to clear the equity investment, drawings, and retained earnings, it's fine to leave it. Clearing the balances means returning the account to a zero balance. Having a zero balance in these accounts is important so a company can compare performance across periods, particularly with income.
However, it would be best to ask for professional advice from your accountant about this to make sure your financial reporting accurate. If you don't have one, I can guide you in finding one.
Here's how:
- Visit the ProAdvisor site.
- Enter your city or ZIP code in the Location field. It will display a list of accountants or bookkeepers near you.
- You can also filter the service provided, industry served, and product supported to narrow down the results.
You can check out our QuickBooks Online year-end guide and checklist to make sure you complete your year-end tasks.
You're always welcome to post here anytime you have other concerns. Our door is always open to help you.