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Level 2

Retained Earnings? Am I supposed to make an entry

I no longer have a CPA. In 2016 she reclassified some distributions as retained earnings. In 2017 we have another distribution. Am I supposed to do some sort of a journal entry each year for this? I am not 100% sure what it even means.
2 Comments
QuickBooks Team

Retained Earnings? Am I supposed to make an entry

Hi there, @hello32.

 

I hope your day is going well.

 

Before going into detail, I'd suggest reaching out to your accountant to ensure that your books are accurate.

 

However, if you're referring to entering an opening balance to your retained earnings account by creating a journal entry, here's how:

  1. Select the New + icon.
  2. Choose Journal Entry.
  3. Set a date for whatever you'd like the opening balance to match.
  4. On the first line, from the Account column, click on Retaining Earnings.
  5. Enter the amount of the balance in the Credits column.
  6. On the second line, enter the account we're using to create the balance.
  7. Type in the amount in the Debits column.
  8. Choose Save and Close.

For more information about Retained Earning in QB Online, you can refer back to this article: How to view Retained Earnings account details.

 

Please let me know if the information above was what you're referring back to. I'm always a comment away if you have any more questions. Happy Friday Eve!

 

Level 2

Retained Earnings? Am I supposed to make an entry

I no longer have an accountant. That’s why I reached out here. I assume my question is too difficult to answer without more detail. 

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