Ensure the Financial Close Date is the last date of the fiscal year
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Copy the distribution Equity Account(s) and change the AccountType to Expense
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Create a Manual Journal Entry to transfer the balance from the Equity Account(s) to the Expense Account(s)
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Run Financial Close for the first day of the new fiscal year - this will clear the balance in the Expense Account(s) to Retained Earnings
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Delete the Expense Account(s) and merge into the Equity Account(s)