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shakethingsup
September 14, 2020
Question

Retained earnings - opening closing - calendar year vs fiscal year

  • September 14, 2020
  • 2 replies
  • 0 views

Hey there,

 

don't need a primer on the basics of accounting (worked at KPMG etc etc). What I do need a primer is on the logic of this primitive software lol. 

 

I recently joined a company which uses QB - QB desktop 2015 to be specific. Yes, I know outdated. QB sales wasn't helpful either when I asked to upgrade to 2020 so I haven't upgraded.

 

Fiscal year is off calendar (March). I'm interested in calendar. Why in the world would ending retained earnings not = opening retained earnings regardless of how or which period you run your reports? 

That makes no sense to me? Is it the software? or would/could there be other reasons? I've asked the predecessor but they are not aware of why this happens. 

So for example, I run a report from Jan to Dec 31 2018 - ending Retained = $100. If I run a report from Jan to Dec 2019, my opening RE should be $100. Why wouldn't this be? 

Can someone point me to threads/articles discussing this? 

    2 replies

    N
    Nick K
    September 14, 2020

    Hi shakethingsup,

     

    Having your information for year end show up in an easy to read and understand way is part of what makes QuickBooks Desktop great. I can help point you in the right direction with this.

     

    As this is more on the accounting end of QuickBooks I'd suggest reaching out to an accountant to find out more about retained earnings after a year end and how they should show up in your books. I also recommend looking into upgrading your software as 2015 is no longer supported and can also be causing issues. To look into upgrading the software you can contact our support team at 877-772-9158 and you can find their hours of operations here.

     

    If you don't have an accountant we have your back. You can go to our find an accountant page to find one in your area that is also trained in QuickBooks Desktop.

     

    Have a great day!

    C
    cris28
    August 27, 2023

    LOL

    I don't understand the logic of this software. It doesn't make sense form an acct view.  I seriously have to spend time looking up how to view only current I/S if p.y is not closed?  What???  who cares if p/y is not closed.  dates are in the system.  spit out reports that are accurate is i'm pulling c/y.  so frustrated.  ugh

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