How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Stephen G. Your Own Question
Stephen G.
Stephen G., Sr Income Tax Expert
Category: Financial Software
Satisfied Customers: 7152
Experience:  Extensive Experience with Tax, Financial & Estate Issues
Type Your Financial Software Question Here...
Stephen G. is online now
A new question is answered every 9 seconds

I am having difficulty with my closing entries and data

Customer Question

i am having difficulty with my closing entries and data entry into turbo tax for my small business.
JA: The Accountant will know how to help. Please tell me more, so we can help you best.
Customer: i know i need to close the income statement accounts. I have never done this and was trying to find a previous entry from my old accountant to follow as a template, but cannot.
JA: Is there anything else important you think the Accountant should know?
Customer: really...if they are available for emergency service to help me finish this and get the K1 to the 2 members
Submitted: 11 months ago.
Category: Financial Software
Expert:  Stephen G. replied 11 months ago.

Hello, my name is***** goal is to give you a complete & accurate answer. I am working on your request now & I will respond as soon as possible.

Expert:  Stephen G. replied 11 months ago.

Are you taking about an S-Corp or a Partnership?

Expert:  Stephen G. replied 11 months ago.

Basically, you debit all the revenue accounts, sales, other income etc. &

then you credit all the expense accounts &

the difference will be a debit or credit to your capital account, depending upon what equity accounts you have set up which depends upon whether you are dealing with an S-Corp or a Partnership.

Once you come back online, we can discuss further.

Steve G.