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Level 4

Retained Earning Account value is reflected on certain Reports but NOT in CoA

Hi All,

 

I just recorded an Invoice and observing its impact on Balance Sheet and Trial Balance as an entry in Retained Earning Account. But on chart of account, no value is reflected against the Retained Earning Account. Please clarify the ambiguity?

 

Regards,

Abdul Rehman.

1 Comment
QuickBooks Team

Retained Earning Account value is reflected on certain Reports but NOT in CoA

Good day, Abdul Rehman.


After the invoice is recorded, the total amount would equal the asset and equity's side of the balance sheet report. 

 

Retained earnings is the collected income from the previous year minus dividends paid to shareholders. The amount will be reported on the balance sheet report at the end of each accounting period.

 

For more details about this account, you can check this articleHow to view Retained Earnings account details.

 

We'd be glad to answer any questions you have about the account type in QuickBooks.