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Protocol2000
Level 3

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

Solved
Best answer March 14, 2022

Best Answers
BigRedConsulting
Community Champion

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

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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