Hi there, @LoisBuderus. I'm here to lend a hand with handling your retained earnings in QuickBooks Online.
As the new fiscal year starts, QBO will automatically add the net income from the previous fiscal year to your Balance Sheet as Retained Earnings.
Since you're manually merging your companies, you'll want to enter the balance in retained earnings using a Journal Entry. I'd be glad to show you how:
- Click the (+) New icon and choose Journal Entry.
- Arrange the date for the opening balance to match.
- On the first line, from the Account column, select Retained Earnings.
- Fill in the amount of the balance in the Credits column.
- From the second line, choose the account used to create the balance.
- Enter the amount in the Debits column.
- Click Save and close.
Please know that when selecting an account, it would be best to seek professional advice from your accountant to ensure the accuracy of your books. If you're not affiliated with one, you can utilize our Find an Accountant tool to look for one in your area.
For more details about retained earnings, please refer to this resource: How to view Retained Earnings account details.
Moreover, I've added this article for further guidance to keep your accounts, customers, and vendors organized: Merge duplicate accounts, customers, and vendors in QuickBooks Online.
Please let me know if you need further assistance with handling your retained earnings, or other QBO-related concerns. I'll be standing by for your response. Have a great day, and stay safe!
