How is stated capital and retained earnings entered in Quickbooks?
I've got you covered in making sure you can record your capital and retained earnings, @userbellgar2013.
QuickBooks Online (QBO) has a different set of steps to record the said transactions. Before proceeding with the steps, I recommend consulting an accountant for the best advice to prevent messing up your books.
To track your capital or investment in QBO, you'll have to create an equity account. Here's how:
Go to the Accounting menu, and then choose Chart of Accounts.
From the Account Type ▼ drop-down, choose Owner's Equity.
From the Detail Type ▼ drop-down, select Owner's Equity or Partner's Equity depending on your situation.
After you receive the investment and you're ready to pay it back, you can begin entering it in QBO. For more details, please refer to this article: Record paying back an investment.
On the other hand, you can create a journal entry to enter an opening balance into your retained earnings account. Let me show you how:
Click the +New button, and then select Journal Entry.
Set the Journal date for whatever date you'd like the opening balance to match.
From the Account column, select Retained Earnings.
Enter the amount of the balance in the Credits column.
On the second line, enter the account you're using to create the balance. This is when an accountant's advice comes in handy (for the best accounts to use).
Enter the amount in the Debits column.
Click Save and close.
If you want to see your retained earnings account, you can run the Balance Sheet report. This way, you'll know your company's net income. To achieve this, please review this handy resource: How to view your Retained Earnings account.
Feel free to comment back below if you have additional questions about managing your transactions in QBO. I'd be happy to assist you. Have a nice day.