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Level 2

Opening RE is different in SOFP

Hi, my account Financial Year is Apr to Mar and I started using Quick Book from Apr 2018 onwards. So, i have imported 31 Mar 2018 opening balances and when I extracted SOFP at year end 31 Mar 2018 is correct. But, when I extracted 31 Mar 2019 SOFP, my opening RE is different with 31 Mar 2018. May I know why it is different ?
Solved
Best answer November 10, 2019

Best Answers
Moderator

Opening RE is different in SOFP

It's great to have you again in the Community, @Su Lei Tun.

 

Your retained earnings from the 2018 financial year may differ from this year. You may have an entry with only affecting the Balance Sheet accounts against the Retained Earnings account.

 

You can compare your balance sheet and last financial year's profit and loss to verify the difference. Make sure both reports have the same reporting method.

 

To learn more about the details of your retained earnings account, you can check this article: How to view Retained Earnings account details.

 

If you have additional questions or any clarifications, comment it down below. I’ll be ready to pop-in and help. Have a fantastic day!

View solution in original post

2 Comments
Moderator

Opening RE is different in SOFP

It's great to have you again in the Community, @Su Lei Tun.

 

Your retained earnings from the 2018 financial year may differ from this year. You may have an entry with only affecting the Balance Sheet accounts against the Retained Earnings account.

 

You can compare your balance sheet and last financial year's profit and loss to verify the difference. Make sure both reports have the same reporting method.

 

To learn more about the details of your retained earnings account, you can check this article: How to view Retained Earnings account details.

 

If you have additional questions or any clarifications, comment it down below. I’ll be ready to pop-in and help. Have a fantastic day!

View solution in original post

Level 2

Opening RE is different in SOFP

@IntuitLily  Thanks!

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