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The balances from these temporary accounts have been transferred to the permanent account, retained earnings. This process ensures that your temporary accounts are properly closed out sequentially, and the relevant balances are transferred to the income summary and ultimately to…
You will also learn how to apply payments received to outstanding invoices and receive partial payments from customers. Furthermore, you’ll discover how to track billable hours and bill your clients for the time worked. By using QuickBooks Payroll, all your…