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MarkoGN
March 18, 2022
Question

Retained Earnings Opening Balance

  • March 18, 2022
  • 1 reply
  • 0 views

Hello,


I just opened a QuickBooks Online account and imported (via CSV import) all of my accounts and their opening balances successfully, except one - Retained Earnings. I can't seem to find a way to add an opening balance. What is the best way to handle that?

Thank you
Marko

1 reply

Tori B
Tori B
March 21, 2022

Good morning, @MarkoGN. 

 

Thanks for taking the time to reach out to the QuickBooks Community for support. I'm happy to lend a hand with entering an opening balance for your Retained Earnings account. 

 

You can enter an opening balance into your Retained Earnings account by creating a journal entry.

 

Here's how:

  1. Select the (+) New icon.
  2. Choose Journal Entry.
  3. Arrange the date for the opening balance to match.
  4. On the first line, from the Account column, select Retained Earnings.
  5. Fill in the amount of the balance in the Credits column.
  6. On the second line, select the account we're using to create the balance. 
  7. Enter the amount in the Debits column.
  8. Click Save and close.

 

However, before making any changes to your account, it's always best to consult with your certified accountant. Your accountant will know the best process to record the data based on your business needs. If you don't have an accountant, don't sweat. You can find one here in our Resource Center.

 

To learn more about retained earning, please refer to this resource: How to view Retained Earnings account details. 

 

Please don't hesitate to let me know if you have any questions or concerns. I'm always here to lend a hand. Take care! 

 

 

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