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in todays video i want to share with you how do you close out your owners equity and your contributions shareholder owner whatever type of equity you have how do you close that into your retained earnings so every year you start from scratch with how much youve contributed or taken out in distributions in your company or draws so the first step is to understand how retained earnings work it helps to understand this now ive done a video on it before but i thought i would walk you through it again so remember there are two steps with when were talking about equity and how this works so the first is to understand how the profit and loss works so you can go under reports company financial profit and loss standard and then youre going to go over here and youre going to pick up say last year and youre going to see a number at the very bottom down here this in this example its 939.77 that is the profit for this company if it was a negative it would be a loss right so the profit loss
