Great to see you here, @wicklowgal,
I can share some insights about the Retained Earnings in QuickBooks Desktop.
I want to make sure I provide you the right resolution to your concern. I only need a few more information about this. When you say your QuickBooks files got corrupted, did it wipe off all your QuickBooks transactions? Any information you can provide will help us narrow things down.
Retained earnings are your company’s accumulated and undistributed profits over the years. QuickBooks automatically transfers your annual profits, as calculated in the Profit and Loss, to the Retained Earnings Account at the end of each reporting period, where they add to the previous year’s ending balance.
If you don't have a record of last years' data, you can create journal entries to correct your books. Before doing so, I'd recommend consulting an accounting professional to get the best legal and accounting advice for your business type.
To create JE's in QuickBooks, follow the steps below:
- Go to the Company menu.
- Select Make General Journal Entries.
- Enter the transaction date in the Date field.
- Enter the General Journal Entry details.
- Click Save & Close.
You can also check this article to know more about the process: Record a Journal Entry.
Please update me on the outcome, @wicklowgal. I am always available to help you whenever you need me. Have a great day!
