Yes, you can adjust your beginning balances, but it’s a bit different depending on how you’ve set them up. For retained earnings, QuickBooks doesn’t let you edit the beginning balance directly because it’s a cumulative account. The usual approach is to make a journal entry dated the day before your start date to correct the balance. You’d debit or credit retained earnings to offset the incorrect amount and then balance it with the account that should reflect the change, like your opening balance equity or another appropriate account. Once that’s done, your retained earnings will show the correct total without affecting your actual transactions. Just make sure to double-check your start date and totals so everything lines up, and if you’re unsure, it might be worth doing a quick backup before posting the adjustment.
