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Zero Out Distributions under Retained Earnings

luvpugsluvpugs Member Posts: 1

Hi everyone,

I want my distributions to show zero for the start of 2019 and right now it shows what I took last year on my balance sheet. How can I "zero out" my distributions? I've tried creating a journal but don't see where I can "debit" the profit for all prior years.

Also, is there a way to change the name of the "profit for all prior yeas"? I can't find how to do this. I'd like to change it to "Prior Year Retained Earnings".

in Accounting Technical Support

Comments

  • JamieDJamieD Administrator Posts: 1,156 admin

    Hey @luvpugs. Ideally, our software doesn't really allow for accounts to be closed out at year end (everything is accumulated in Wave so you can make edits etc) -- which is why we normally recommend going to the Profits & Loss statement to take a look at your earnings.

    That said, I'm wondering if you could give me a bit of a stronger sense of your intended workflow here and how Wave's software could benefit you best in terms of zeroing out your distributions? I'm thinking that setting up a new business for each fiscal year might be beneficial for you in this particular situation.

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