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February 24, 2024
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  • February 24, 2024
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How to record retained earnings?

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February 24, 2024

Thanks for sharing this here in the forum, @Treblero2014. I'll be here to share some insights about retained earnings in QuickBooks Online (QBO).

 

The Retained Earnings account comprises the total of a company's past years' income and expenses. Typically, you don't have to manually record the amount for the previous year, as QBO will automatically handle the transfer of the net income from the previous fiscal year to the Retained Earnings account at the start of a new fiscal year.

 

However, if you still want to record it manually, I recommend consulting with your accountant for further guidance. 

 

Furthermore, I'll attach this resource on how you can access and review your retained earnings: View Retained Earnings account details in QuickBooks Online.

 

Also, for future reference, you can generate different kinds of reports in QuickBooks Online: Run Reports In QuickBooks Online.

 

If there's anything else we can help you with, please let us know here in the Community. We'd be happy to get back to you and provide additional assistance. Have a good day!