Hello,
I am currently using QB premier and when I pull up the Chart of accounts it shows income statement accounts with historical data (it shows all the income since day 1). Retained Earnings is in 0 but if I click there are closing entries and my TB for every year shows retained earnings balances. The problem is in the chart of accounts, shouldn't show actual balance for the account or is it programmed to include all years?
We appreciate you for posting here in the Community space, @Adri0214. Let me share insights about the balance shown in the Chart of Accounts in QuickBooks Desktop (QBDT).
When you access the current balance in the Chart of Accounts, it displays the running balances from the year you started using it until the current date. It means that the Chart of Accounts includes the history of your financial transactions from the past years until now. With this, you can gain valuable insights into the financial performance of your business.
On the other hand, you can see these articles as further guidance for handling your Chart of Accounts in QBDT:
You can count me in if you need additional help in managing the Chart of Accounts in QBDT. I'm always ready to assist. Take care and have a great day.
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