General Question Related to annual close

Hi,

i have one general question if any one can help me

my question is what i should do at the end of the year for income statement accounts i mean if at the end of 2016 my net profit is -50000 as revenue is there any manual entry should i do to update retained earning account in the balance for the current year ?

another way for my question is what we should do for revenue/expenses account balance at the end of month/year and before run the annual close?

Thanks,