Why am I seeing this message "There can be only one account of singular detail type". I only have one account with retained earnings

Hello, @acp124-ensign-ed.

I'll shed some light on how the Retained Earnings account works in QuickBooks Online (QBO).

If you see the message "There can be only one account of singular detail type," it means you're trying to create or modify an account type that already exists in your chart of accounts. For account types like Retained Earnings, you're limited to a single instance.

Instead of creating a new Retained Earnings account, consider editing the existing one. Note that you can rename this account, but the details and account type can't be changed as it is used to generate reports. Here's how: 

1. Click on the Gear icon.
2. Select Chart of accounts.
3. Find the Retained Earnings account.
4. Click the dropdown next to Run report.
5. Select Edit.
6. Make your necessary changes and click Save.

To understand more about account types and detail types in your chart of accounts, check this article: Learn about account types and detail types in QuickBooks Online.

Additionally, you can generate reports to get an overview of your business finances.

If you have further questions about managing your chart of accounts, don't hesitate to reach out. We're here to help!