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T
Trebalisa
October 8, 2024
Question

Opening balance of Retained Earnings

  • October 8, 2024
  • 1 reply
  • 0 views

Hi All,

 

I am setting up our charity on QuickBooks. I have uploaded the Chart of Accounts including the balance sheet Accounts. I am now uploading the opening balances of the balance sheet accounts via Journal Entry. I understand the contra entries for all the balances go to Opening Balance Equity but what are the double entries required to reflect the brought forward Retained earnings balance? Credit Retained Earnings and debit Opening Balance equity too? 

 

Thanks

1 reply

G
GeorgiaC
October 8, 2024

Hello and welcome to the Community, Trebalisa

 

We're unable to advise on the specific accounts to debit or credit and recommend working alongside your accountant for best advice. If you don't already have an accountant, you can find a QuickBooks certified advisor near you on our online directory.

 

For further support, you can also check out our guide on how to View Retained Earnings account details in QuickBooks Online. We'll be here if you have any additional queries. 

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