I am helping a business move over to QBO (currently using excel). Their year end is August 31 so we are moving everything from September 1 and on, over to quickbooks. I have setup opening balances for every account except for Retained Earnings. How do I enter an opening balance for Retained Earnings without having to enter all revenue and expenses for every year since the beginning of time (business has been active for 10+years)?
Making sure you're recording your transactions the right way is a good exercise for preventing errors in your books.
I recommend contacting an accounting professional to get more info on how to properly record the PST in your books. If you're not in contact with one, I encourage you to search for one on our website using this link here. Doing this will help prevent any future discrepancies. In case you need to add the tax code in your books. Otherwise, here's a helpful article which shows you how to: Enter opening balances for accounts in QuickBooks Online.
Let me know if you have other questions. I'm here to help.