Level 15

Reports and accounting


@gaterbate wrote:

QuickBooks has automatically closed income to an equity account, other than RE.  There is a RE equity account, but income was not closed to it.  So, does that mean the original RE account was renamed?  is there a way to check if this happened?


If you are a sole proprietor, then QB closes last years net income to the default equity account

 

For some reason, intuit used the account that should be called retained earnings as an equity account only in sole proprietor configurations.  You can verify this in the chart of accounts, click use register and it the equity account is really RE, it will only display a report and not a register like all other equity accounts

 

rename it to RE, and if necessary create the equity account you need

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