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bepay42
Level 1

Why would my retained earnings have changed from the previous financial year?

My previous years retained earnings has changed by about $200 and I'm not sure why?
3 Comments 3
Bryan_M
QuickBooks Team

Why would my retained earnings have changed from the previous financial year?

Thanks for raising your concern here, @bepay42.

 

Let me help you determine why your retained earnings have changed from the previous financial year.

 

We can verify transactions affecting Retained Earnings account figures by running the Profit and Loss Detail report.

 

Here's how: 

 

  1. Sign in to your QBO account.
  2. From the left menu, choose Reports.
  3. In the Find report by name field, search for Profit and Loss Detail report.
  4. Filter the dates to check why there are balance changes during the year.
  5. Click each transaction to drill down.
     

I've added this resource to help you understand retained earnings in QuickBooks: How to view Retained Earnings account details.

 

The Community is always here, willing to lend a hand. Just click the Reply button below, and we'll reply as soon as possible. Keep safe, and have a good day!

bepay42
Level 1

Why would my retained earnings have changed from the previous financial year?

Fantastic!

I found it!  An entry with an incorrect date....

Thanks so much!

IntuitSheila
Level 8

Why would my retained earnings have changed from the previous financial year?

Hi bepay42,

 

That's good to hear you found out about the transaction that caused the discrepancy in your retained earnings.

 

Post again in the Community if you have other questions. I'll be around to help you.