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Closing Entry
Hello! Could someone explain to me how to make the year end closing entry. There apparently is a trick to it. If I close the prior period and date the closing entry the first day of the next accounting period all the accounts on the income statement of the current year are negative. If I put the closing entry in at the end of period I'm closing, then you can no longer look at the income statement for the prior period online as it is zeroed out. I've looked through the help screens and am not finding much help there.
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