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QuickBooks Team

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Hello there, @reolsen.

 

Welcome to the Community space. I can share some information how QuickBooks calculates the opening balance equity.

 

At the end of your fiscal year, QuickBooks computes your profit (or loss) into an equity account named Retained Earnings. The program automatically creates a closing entry based on your accounting period. It carries over your previous year's balance. This way you don't have to manually move amounts.

 

Since the amounts didn't move yet, let's try to check your fiscal year:

  1. Click Company.
  2. Choose My Company.
  3. On the My Company window, click the Edit.
  4. Go to the Report Information tab.

 

For more insights about the accounts in QuickBooks, please check this link.

 

I'm still here to help you more if you have follow-up questions about accounting. Just add a comment or mention my name. Have a good one.

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