What Account Types close to Retained Earnings at the end of a fiscal year?

Does Sage 50—U.S. Edition automatically close out the balances of certain Account Types to retained earnings at the end of fiscal years?

The following Account Types automatically close to the Retained Earnings account at the end of each fiscal year:

• Income
• Expenses
• Cost of Sales
• Equity-gets closed

Note: For hands-on instruction for closing a year, refer to Closing your fiscal and payroll years

Account did not close properly

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