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August 27, 2020
Question

Mid-year conversion to QBO and can't figure out how to get retained earnings to be correct.

  • August 27, 2020
  • 1 reply
  • 1 view

We are switching to quick books online and would like to only use data beginning in May so that we do not have to manually enter all transactions from the prior years. The opening balance for all accounts are correct except for retained earnings. I understand that I can do a manual general ledger adjustment for retained earnings, but what account do I balance it with?

1 reply

Level 4
August 27, 2020

Hey there, ccc64.

 I

Thanks for dropping by the Community, I'm curious, could you elaborate on what exactly is going on within the retained earnings account? In the meantime, I suggest checking out these helpful articles highlighting retained earning accounts.

If you have any other questions, feel free to post here. Thank you and have a nice afternoon.