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Protocol2000
Level 3
posted
‎March 13, 2022 02:49 PM
last updated ‎March 13, 2022 2:49 PM

what is the entry to correct retained earning in desktop

I have the incorrect opening balance on retained earnings, therefore balance sheet on my tax return doesn't match with my books. I am an S Corp.

I may have to amend my last year return, but as of right now I need to finish 2021 Tax return and file.

Any advise is greatly appreciated.

Protocol

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Best answer March 14, 2022
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BigRedConsulting
Community Champion
Community Champion
‎March 14, 2022 09:28 AM

what is the entry to correct retained earning in desktop

Retained earnings is the sum of net income from prior years. So, if it's wrong you can adjust it by recording the missing earnings in prior years and then it will change.

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1 Comment 1
BigRedConsulting
Community Champion
Community Champion
‎March 14, 2022 09:28 AM

what is the entry to correct retained earning in desktop

Retained earnings is the sum of net income from prior years. So, if it's wrong you can adjust it by recording the missing earnings in prior years and then it will change.

Reply Join the conversation
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