Hello, @Kenteman.
Recording your Scorp-related transaction depends on the type of QuickBooks you’re using and the form your filling. Let me share some information on how this works.
To start with, may I what version of QuickBooks are you using? This will allow me to provide you with more accurate information.
If you’re using QuickBooks Self-Employed and file for 1040 Schedule C, your self-employed related income should be recorded and categorized under Schedule C: Business Income.
Since you’ve already paid your federal taxes for 2018, let’s ensure to record this in the Tax Profile setting. By doing so, you’ll have an accurate calculation of taxes.
To learn more about self-employment taxes, you can refer to these resources:
While if you’re using QuickBooks Online and you’ve recorded all your income and expense transactions from last year, you can create an account specifically for Scorp retained earnings.
To enter an opening balance to your retained earnings account by creating a journal entry.
Here’s how:
- Go to the Plus (+) icon.
- Select Journal Entry.
- Set the date for the opening balance to match.
- On the first line, select Retained Earnings from the Account column.
- Enter the amount of the balance in the Credits column.
- On the second line, enter the account we’re using to create the balance.
- Enter the amount in the Debits column.
- Click Save and close.
You can read through this article for more insights: Record a retainer or deposit.
Alternatively, I’d recommend consulting with your accountant so you’ll be guided properly in tracking your Scorp earnings.
Let me know if you have other questions. I’m always here to help.
