Let me share some info about getting the Retained Earnings details in QuickBooks Online (QBO), CS542.
The Retained Earnings are the residual net profits after distributing dividends to the stockholders. To calculate this on the Balance Sheet, we'll need three items as per the formula:
- Beginning period retained earnings (This can be found in the balance of the previous year, under the shareholder’s equity section on the liability side)
- Current year net profit/loss
- Dividends paid (cash and stock dividends)
For more details about this one, check out this article: RE Formula: Definition, Formula, and Example. Since you debited Retained Earnings following the initial setup, there may be a discrepancy when entering the data as a Journal entry. I'd recommend consulting your accountant to ensure the entries are correct data will show in the report.
Once done, try running the Profit and Loss report by year. This report shows all of the transactions that make up the net profit or loss that QBO automatically switched to your Retained Earnings account. Here's how:
- Go to Reports.
- Locate and select the Profit and Loss report.
- In the open Profit and Loss report, select Customize.
- In the Customize report panel, select the Rows/Columns item to open the section.
- From the Columns drop-down list, select Years.
- Select Run report.
Here's an article you can refer to for more details about viewing Retained Earnings account details.
Please know that you're always welcome to comment below if you have other concerns or follow-up inquiries about calculating your Retained Earnings account. I'm just around to help. Take care always.
