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DS127
Level 3

QBD to QBO conversion has wrong retained earnings

When I converted my clients books from QBD to QBO, the balance sheet has the wrong retained earnings and the Net income is way overstated. The total Liabilities and Equity is correct. I get it the the Net income here is high bc i did the report on "all dates" (for the P&L, which this matches) but how do I get the right amount in RE so it is correct going forward?

THanks!

 

Solved
Best answer March 18, 2021

Best Answers
MichelleBh
QuickBooks Team

QBD to QBO conversion has wrong retained earnings

Hello, @DS127.

 

I appreciate you for attaching a screenshot. Let me share with you some information about converting QuickBooks Desktop (QBDT) to QuickBooks Online (QBO). 

 

Doing the conversion process, you may notice transactions are missing or reports are different and don't match. The reason behind this is QBO and QBDT don't have the same reports. Accrual basis reports in QBO will match your reports in QBDT. But Cash basis reports may not match.

 

For more details, check out this article: What to expect when you switch from QuickBooks Desktop to QuickBooks Online

 

I'd recommend checking your QBDT and QBO P&L on an accrual basis. If your reports match, then your good to go. 

 

But if it's not, please communicate with our Customer Care Team. They have advanced tools to review your Retained Earnings in a safe place. Also, they can provide you other troubleshooting steps to correct the balance moving forward. 

 

Here's how:

 

  1. Go to this link: https://quickbooks.intuit.com/learn-support/help/en-us/contact-us?product=QuickBooks%20Desktop.
  2. Choose a product in the drop-down arrow and click Continue.
  3. Pick an edition, then write your problem in the description field, and tap Continue
  4. Select either Chat with us or Have us call you.

       5. Complete the required data and submit the request. 

 

Please call them within business hours to ensure we cater to your concern quickly. 

 

Once everything is set, you can now start tracking your QBO account. Check out these articles and videos for your guide: 

 

 

Please notify me if you have additional questions bout your retained earnings or how the call goes. I'm happy to assist you further. Keep safe. 

View solution in original post

2 Comments
MichelleBh
QuickBooks Team

QBD to QBO conversion has wrong retained earnings

Hello, @DS127.

 

I appreciate you for attaching a screenshot. Let me share with you some information about converting QuickBooks Desktop (QBDT) to QuickBooks Online (QBO). 

 

Doing the conversion process, you may notice transactions are missing or reports are different and don't match. The reason behind this is QBO and QBDT don't have the same reports. Accrual basis reports in QBO will match your reports in QBDT. But Cash basis reports may not match.

 

For more details, check out this article: What to expect when you switch from QuickBooks Desktop to QuickBooks Online

 

I'd recommend checking your QBDT and QBO P&L on an accrual basis. If your reports match, then your good to go. 

 

But if it's not, please communicate with our Customer Care Team. They have advanced tools to review your Retained Earnings in a safe place. Also, they can provide you other troubleshooting steps to correct the balance moving forward. 

 

Here's how:

 

  1. Go to this link: https://quickbooks.intuit.com/learn-support/help/en-us/contact-us?product=QuickBooks%20Desktop.
  2. Choose a product in the drop-down arrow and click Continue.
  3. Pick an edition, then write your problem in the description field, and tap Continue
  4. Select either Chat with us or Have us call you.

       5. Complete the required data and submit the request. 

 

Please call them within business hours to ensure we cater to your concern quickly. 

 

Once everything is set, you can now start tracking your QBO account. Check out these articles and videos for your guide: 

 

 

Please notify me if you have additional questions bout your retained earnings or how the call goes. I'm happy to assist you further. Keep safe. 

View solution in original post

DS127
Level 3

QBD to QBO conversion has wrong retained earnings

Thanks! Weird, how when I run the report today, it all appears correct. Thanks!

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