Income/Expenses/Cost of Sales/Equity Gets Closed all zero out or close out to the Retained Earnings only at year end. None of the accounts will zero/close out monthly. For example, lets say that 2014 & 2015 are the open years. When you change to the 13th accounting period (January 2015) is when the Income/Expenses/Cost of Sales/Equity Gets Closed will zero out to Retained Earnings. So, if you pull the Trial Balance Report as of January 1, 2015 the Income/Expenses/Cost of Sales/Equity Gets Closed accounts should have zero balances.
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