Skip to main content
T
Theresa991
March 4, 2023
Question

Retained earnings

  • March 4, 2023
  • 1 reply
  • 0 views
I understand that ‘Retained Earnings’ is a cumulative total from day 1 in QB. In our balance sheet we also have a figure for ‘Surplus/Deficit. What is the difference between ‘Retained Earnings’ and ‘Surplus/Deficit’ ? Thankyou’

    1 reply

    DivinaMercy_N
    DivinaMercy_N
    March 4, 2023

    Hi there, @Theresa991. I'm here to help you with your concern about your Balance Sheet report in QuickBooks Online (QBO).

     

    In QBO, Retained Earnings account displays the total income and expenses of your company from all previous years. The Surplus/Deficit value on the report may mean that it has a negative amount of retained earnings. For reference, feel free to check this article: How to view Retained Earnings account details.

     

    To further review this, I recommend reaching out to your accountant. They can check the transactions linked to the Surplus/Deficit figure and help you fix this. If you're not affiliated with one, you can use our Find an Accountant tool to look for one near your area.

     

    You can also use this article as a guide in case you want to customise your reports based on the data you need: Customise reports in QuickBooks Online. 

     

    Keep me posted if you have any other concerns about managing your account in QBO. Have a good one and stay safe. 

    Terms & ConditionsAccessibility statement