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arkvalleyinfo
December 11, 2018
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My Balance sheet shows a number for Retained Earnings but my Chart of Accounts Retained Earnings line shows no entries.

  • December 11, 2018
  • 2 replies
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Retained Earnings shows up on Balance Sheet but I have no idea where it is coming from because my Chart of Accounts Retained Earnings is zero.

Best answer by Raywhite28

QuickBooks creates a Retained Earnings account. It is used to close profit or loss, from the prior years. It has no register. You can go in to the chart of accounts & double click on it. & it will display transactions.

2 replies

Raywhite28
Raywhite28Answer
December 11, 2018

QuickBooks creates a Retained Earnings account. It is used to close profit or loss, from the prior years. It has no register. You can go in to the chart of accounts & double click on it. & it will display transactions.

qbteachmt
qbteachmt
December 11, 2018

"because my Chart of Accounts Retained Earnings is zero."

It should show Balance Total = Blank, actually.

The Chart of Accounts shows no Balance for that account; you run Reports to see the data.

"Retained Earnings shows up on Balance Sheet but I have no idea where it is coming"

It is the Net Income from the prior year. The Program "closes" income and expense so that they start at 0 for the first date of the new year.

Please see my attached image.



    Raywhite28
    Raywhite28
    December 11, 2018
    Thanks for the confirmation!
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