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J
Joanna 3
March 8, 2024
Question

No retained earnings account in my books

  • March 8, 2024
  • 1 reply
  • 0 views

I had someone set up the books 2 years ago before I knew much about accounting. Yesterday I noticed there wasn’t a retained earning account on my reports, or in chart of accounts. How do I fix this and what do I do now to make my retained earnings accurate for each fiscal year? 

1 reply

M
Maybelle_S
March 8, 2024

I want to ensure this is taken care of, Joanna.

 

Beforehand, may I know if you already have entries from previous years? Any information and screenshots provided can help us resolve the problem.

 

When setting up a QuickBooks Online (QBO) account, Retained Earnings are auto-generated by aggregating the previous fiscal year's net income. We can check in the Chart of Accounts if the Retained Earnings account is disabled.

 

Here's how:

 

  1. Go to the Transactions menu and then Chart of Accounts.
  2. Click the Gear icon beside the Print button.
  3. Put a checkmark beside Include inactive.
  4. Locate the Retained Earnings account.

 

If the issue persists, let's clear your browser's cache and cookies to resolve any issues caused by accumulated historical data. First, let's try accessing your account through an incognito window to rule out the possibility of a webpage issue. You can refer to these shortcut keys to open an incognito window in all supported browsers:

 

  • Chrome: Ctrl + Shift + N
  • Firefox: Ctrl + Shift + P
  • Safari: Command + Shift + N

 

Once done, locate the Retained Earnings account again. If it works, switch back to your regular browser. Then, clear its cache. This way, you can access QuickBooks with a clean slate. You can also use a different supported one.

 

For more details, check this article: How to view Retained Earnings account details.

  

I also recommend seeking guidance from your accountant. This way, they can guide you in handling the account to ensure your books are accurate.

 

Additionally, you can run different financial reports in QBO that give you a snapshot of your business.

 

Don't hesitate to post again if you have other questions about retained earnings in QuickBooks. I'm always here to help you in any way I can. Have a good one.

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