Hi, I started using Quickbooks for a new LLC last year and I have entered everything and can reconcile except that my Retained Earnings is negative. I know what makes up the negative amount. I think it has something to do with the start date vs the transaction dates in the register.
Before we opened a checking account, we paid all of the expenses out of pocket. But when I started entering the Bills and Paying Bills, I decided to use the real date of the transaction without having any money in the bank. Therefore, all those expenses are all accounted for in the Register prior to the first deposit we got from a customer as negative. The sum of those expense transactions tie to the negative Retained Earnings I show on 12/31/13. How do I fix this?
I went to search this problem all over the web and it said to change the date of the Opening Balance Equity, but there is no balance in that account. Is there supposed to be?
I appreciate the help as Im new to this.
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