Hey there, chris.
Let me help you correct the amount in your Retained Earnings account in QuickBooks.
QuickBooks Online calculates the Retained Earnings balance as a rollover of all previous fiscal years' net profit or loss. It's possible that there's a transaction that was changed, added, or deleted on your closed periods. This is why it's showing a different amount.
To check, you can review your audit log to see who made changes to your books and what they did.
Here's how:
- Go to Settings ⚙ and select Audit Log.
- Click Filter.
- Use the fields on the Filter panel to choose the appropriate User, Date, or Events filter to narrow the results.
- Select Apply.
If you find the changes and see the transactions, you can manually correct them to show the right amount in your Retained Earnings account.
On the other hand, you can create a journal entry to fix the discrepancy. I also suggest reaching out to your accountant to check the categories used for debit and credit. This is to ensure your books have the correct information.
To learn more about what makes up your Retained Earnings, feel free to browse this article: What makes up your Retained Earnings. It outlines the complete steps on how to build the Profit and Loss report and the account Quick Report.
Also, this reference will guide you through the steps of viewing financial reports in QBO. From there, you’ll learn about exporting the statement, emailing your printing as well as printing one.
Keep in touch if you have additional concerns or questions on how to correct your retained earnings. I’ll be glad to get this taken care of for you. Have a great day ahead.
