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auditors-acuvat-
Level 1

Is it possible to transfer net profit to retained earnings?

is it possible to transfer net profit to retained earnings?
1 Comment 1
GebelAlainaM
QuickBooks Team

Is it possible to transfer net profit to retained earnings?

Good day, auditors. We're glad to see you here in the Community forum with your concern about transferring the net profit to retained earnings in QuickBooks Online (QBO). We'll ensure to provide some insights about it.

 

We know how important it is to keep track of your sales and expenses in our program to ensure the accuracy of the business. Let us share some information on how retained earnings show in QuickBooks.

In QBO, the Retained Earnings will automatically add the net income from the previous fiscal year to your Balance Sheet. Once you close the book, that's the time the program will automatically move your profits to a Retained Earnings account. Also, you're unable to transfer it manually. You'll want to check this article for more details: How to view Retained Earnings account details.

 

I'm also attaching these handy articles for your reference:

 

 

If you have clarification about managing your finances or navigating in QBO, you can always post a comment below. We'll always be around to help you. Take care always, auditors!