closing entry

 Hello there, labs99.

Welcome to the Community. I'm here to share some information about Retained Earnings in QuickBooks.

Retained Earnings account shows the total of your company's income and expenses from all previous years. When a new fiscal year starts, it'll automatically add the net income from the previous to your Balance Sheet as Retained Earnings. While closing entries are made at the end of the fiscal year to transfer the balance from the income and expense account to Retained Earnings.

You can enter a Journal Entry to reverse the closing entry with no closing date. I suggest consulting an accountant so they can guide you on what account to use when doing the entries.

You can also check this article for more information about the important points before you close your books: Close your books in QuickBooks Desktop.

I'm happy to offer assistance again if you have more questions for QuickBooks. Post a new thread here and I'll be there. 

This answer does not even address the question asked!  I am having the same issue- a closing entry was created and I have not even set a closing date.  I cannot open or access said journal entry to delete it and it is throwing my number off. I cannot find anything to address this issue

Let me share some information about closing your entry, @bonnieozuna.

Closing entries are made after you record all adjusting entries. Once the books are "closed", you aren't supposed to enter any entry for that fiscal year. 

QuickBooks Desktop doesn't have an actual transaction for closing entries it automatically creates. The program computes the adjustments when you run a report but you can't "QuickZoom" on these transactions, unlike the manual adjustments you recorded. 

For more information, please see this article: Close your books in QuickBooks Desktop.

Additionally, I'll be sharing this to help prevent changes to past books in QuickBooks Desktop by using a closing date and password: Set or change a closing date and closing date password.

Feel free to get back in here if you have further questions about closing entry. I'm always around to help. Keep safe!

Well I have the sames problem BUT  ... it is OCTOBER 2024 and there is a Closing entry for 12/31/2024 ...WTH!!! The year is NOT FINISHED yet!!! How did this happen???