Turn on suggestions
Auto-suggest helps you quickly narrow down your search results by suggesting possible matches as you type.
Showing results for
posted
Congratulations on your newly opened business, @pratibhamd. I'm here to make sure you're able to fix your negative Retained Earnings account and manage your transactions accordingly.
Your Retained Earnings account shows the total of your company's income and expenses from previous periods and years. You can run a Profit and Loss report to see what makes up your Retained Earnings and view details for the Net Income (Loss) amount. Then, shows all of the transactions that make up the net profit or loss that QBO automatically switched to your Retained Earnings account. To do this, here's how:
- Go to the Reports menu.
- Search and select the Profit and Loss report.
- From the Report period drop-down list, select All Dates.
- Select Run report.
- Choose the Net Income amount to open the Profit and Loss Detail report for All Dates.
I've attached a screenshot below that shows the last three steps.
Additionally, you'll have to make sure there are no Journal Entries (JE) posted. This is because QBO automatically and electronically swaps funds into the account and doesn't record any visible transactions for it. In case there are JEs created, I encourage you to reach out to your accountant to correct them appropriately. This way, you can keep your financial data and/or books accurate.
Also, I'm adding this article to learn more about Retained Earnings account in QBO: How to view Retained Earnings account details.
Let me know how it goes in the comments below. If there's anything else you need in managing your business growth using QBO, I'll gladly help. Take care and stay safe.
