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retained earnings

Forum|Forum|5 years ago
January 23, 2021
1 reply
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im using QB desktop premier contractor edition 2019

Should there be a retained earnings account listed in chart of accounts?

QuickBooks Desktop

Best answer by ShiellaGraceA

The rebuild showed errors

I'll share the steps on how to resolve the rebuild errors, @the_tile_setters.

You'll want to download the QuickBooks Tool Hub and run the QuickBooks File Doctor tool to fix company file issues.

Here's how:

Close QuickBooks.
Download QuickBooks Tool Hub and save it on your desktop.
Open the file you downloaded (QuickBooksToolHub.exe). Then, follow the on-screen steps to install and agree to the terms and conditions.
Double-click the icon on your Windows desktop to open the tool hub.
From the tool hub, choose the Company File Issues tab. This will open the QuickBooks File Doctor tool.

Once done, restart your computer and check your chart of accounts again. Learn more about the tools at this link here: Fix common problems and errors with the QuickBooks Desktop Tool Hub.

In case you need help with other tasks in QBDT, click this link to go to our general topics with articles.

Keep me posted if you still have questions or concerns with the program. I'm always here for you. Take care and have a good one.

R

ReymondO

Moderator

Hi there, @the_tile_setters.

I hope you're having a great week, let me give you some additional information about a Retained Earnings account.

The answer to question will depends if you already closed your books in QuickBooks. Once you close you entries, the program will automatically create a Retained Earnings account to transfer the balance from the Income and Expense accounts to it.

This account will shows the total of your company's income and expenses from all previous years. When a new fiscal year starts, QuickBooks automatically adds the net income from the previous fiscal year to your Balance Sheet as Retained Earnings.

QBDT doesn't have an actual transaction for closing entries it automatically creates. The program computes the adjustments when you run a report (for example QuickReport of Retained Earnings) but you can't "QuickZoom" on these transactions, unlike the manual adjustments you recorded.

For more details, you can check out this article: How to view Retained Earnings account details.

Don't hesitate to tag my name in the comment section below if you have other concerns or questions. I'm always ready to help.

the_tile_settersAuthor

how do I run a quick report of retained earnings?

JasroV

Level 8

its still not in the list. :(

I appreciate you for going through the steps shared by colleagues above, @the_tile_setters.

I'm her to help and get you back in working order. Let's perform some troubleshooting steps to get around this issue. I recommend running the Verify Rebuild utility tool.

This tool scans your company file for issues and fixes them right away. To begin, you can follow these easy steps.

To Verify:

Go to the Window menu and select Close All.
Then, go to the File menu.
Select Utilities.
Click Verify Data.

To Rebuild:

Go to the File menu.
Select Utilities.
Click Rebuild Data.

You can also check this article for more detailed steps: Verify and Rebuild Data in QuickBooks Desktop.

Let me also add this link that you can read for your future reference: Reconcile an account in QuickBooks Desktop. This resource can walk you through the steps in matching your real-life bank balance and QuickBooks balance confidently.

Please let me know if you have any other concerns or questions about managing your accounts or any QuickBooks concerns. I’ll be around ready to help and back you up. Keep safe.

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