Turn on suggestions
Auto-suggest helps you quickly narrow down your search results by suggesting possible matches as you type.
Showing results for
posted
Best answer 2 weeks ago
Solved
Best Answers
Hi there, @dbuswell.
Based on the dates and information your provided, the Retained earnings data you're seeing is correct. Let me provide you more information about this.
When you switch to a calendar fiscal year (Jan–Dec) and close the books for a short fiscal period (July–Dec 2024), QuickBooks Online automatically moves your net income into Retained Earnings as of the first day of the new fiscal year, which in your case is 01/01/2025.
That’s why when you check the Retained Earnings account as of 12/31/2024, it still shows the balance from 07/01/2024 because QuickBooks hasn’t yet transferred the earnings until the new fiscal year starts.
To confirm your data is correctly shown, run these reports and compare the data.
- Go to Reports.
- Search and open Profit and Loss report.
- Change the report period to 07/01/2024-12/31/2024 and remember the total income from that report.
- Go back to the Reports page and open Balance Sheet.
- Set the date to 01/01/2025. You'll see that net income from that short fiscal year has been moved into Retained Earnings.
The first picture below shows the date range of 07/01/2024 to 12/31/2024.
Then, when we run a report as of January 1, 2025, the income from the previous picture is now moved into Retained Earnings.
In summary, you'll need to run a report as of January 1, 2025 to ensure the correct display of Retained Earnings from the previous fiscal year.
Need some help making the most out of your reports? QuickBooks Live Expert Assisted is here to provide answers and share their best practices from years of helping customers just like you.
Moreover, you can consider customizing a report so you can add different columns or filters. You can also set up an email schedule for your memorized reports in QuickBooks Online.
Let us know if you need help with running reports in QBO. We're always ready to assist. Have a great day!
Hi there, @dbuswell.
Based on the dates and information your provided, the Retained earnings data you're seeing is correct. Let me provide you more information about this.
When you switch to a calendar fiscal year (Jan–Dec) and close the books for a short fiscal period (July–Dec 2024), QuickBooks Online automatically moves your net income into Retained Earnings as of the first day of the new fiscal year, which in your case is 01/01/2025.
That’s why when you check the Retained Earnings account as of 12/31/2024, it still shows the balance from 07/01/2024 because QuickBooks hasn’t yet transferred the earnings until the new fiscal year starts.
To confirm your data is correctly shown, run these reports and compare the data.
- Go to Reports.
- Search and open Profit and Loss report.
- Change the report period to 07/01/2024-12/31/2024 and remember the total income from that report.
- Go back to the Reports page and open Balance Sheet.
- Set the date to 01/01/2025. You'll see that net income from that short fiscal year has been moved into Retained Earnings.
The first picture below shows the date range of 07/01/2024 to 12/31/2024.
Then, when we run a report as of January 1, 2025, the income from the previous picture is now moved into Retained Earnings.
In summary, you'll need to run a report as of January 1, 2025 to ensure the correct display of Retained Earnings from the previous fiscal year.
Need some help making the most out of your reports? QuickBooks Live Expert Assisted is here to provide answers and share their best practices from years of helping customers just like you.
Moreover, you can consider customizing a report so you can add different columns or filters. You can also set up an email schedule for your memorized reports in QuickBooks Online.
Let us know if you need help with running reports in QBO. We're always ready to assist. Have a great day!
