There are two ways to do this depending on which year you are in.
1) In the old year, a general journal entry can transfer a balance from any equity account such as personal draw to another account.2) In the new year, the balances for the equity accounts is in the starting balances. If you zero the starting balance for the equity account then it will go to the beginning balance for Equity (or Net Worth). For the Prior Year Net Income, this amount can be zeroed or changed from the Account menu. Select Accounts | Equity Name Change. Change the amount on the Accumulated Prior Year's Net Income line. The difference will also go to the beginning balance for Equity (or Net Worth).
Normally zeroing the Prior year's Net Income amount and zeroing the starting balance for personal equity accounts will offset each other.
For other references, see the Advanced Training Guide for Partnership Account.
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posted 08-30-2000 01:39 PM
