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dLearned
September 25, 2021
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retained earnings

  • September 25, 2021
  • 1 reply
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How do I see the incremental postings to the retained earnings account? (When I run report with "all dates" there is no data).

 

For many years, QBO was used to record invoices and payments, but not expenses.  I do not believe the value of the retained earnings is valid, but cannot see what the amounts were.

 

I will be entering the past 7 years of expenses (in accordance with accounting requirements)...as these are entered, will the retained earning amount change?  I may be able to enter some additional years, but do not believe they can be complete as I will not have bank or credit card records to reconcile to beyond the six years I have printed (the bank has indicated they will not provide additional years beyond what is online).

Best answer by ShiellaGraceA

Thanks for coming by, @dLearned.

 

I'll share some information about the retained earnings account in QuickBooks Online (QBO). Your Retained Earnings account shows the total of your company's income and expenses from all previous years. As the new fiscal year starts, QBO will automatically add the net income from the previous fiscal year to your Balance Sheet as Retained Earnings.

 

This account is a rollover of all previous fiscal years' net profit (or loss), and QBO automatically and electronically swaps funds from your net income or loss into the account and doesn't record any visible transactions for it. To view all transactions that make up the net profit and loss, you can pull up the Profit and Loss Detail report.

 

Here's how:

 

  1. Go to Reports.
  2. Enter Profit and Loss report in the search field.
  3. From the Report period drop-down list, choose All Dates.
  4. Tap Run report.
  5. Select the Net Income amount to open the Profit and Loss Detail report for All Dates.

 

You can also customize the report by year to track your retained earnings over time, check out this guide: How to view Retained Earnings account details.

 

 

I'd also recommend consulting your accountant to make sure you're recording your previous expenses accordingly. 

 

In case you need help with other banking-related tasks, browse this link to go to the page: Find help with bank feeds and reconciling accounts.

 

Keep me posted if you still have questions or concerns with retained earnings account. I'll be around to help. Take care and have a great day ahead.

1 reply

S
ShiellaGraceAAnswer
September 25, 2021

Thanks for coming by, @dLearned.

 

I'll share some information about the retained earnings account in QuickBooks Online (QBO). Your Retained Earnings account shows the total of your company's income and expenses from all previous years. As the new fiscal year starts, QBO will automatically add the net income from the previous fiscal year to your Balance Sheet as Retained Earnings.

 

This account is a rollover of all previous fiscal years' net profit (or loss), and QBO automatically and electronically swaps funds from your net income or loss into the account and doesn't record any visible transactions for it. To view all transactions that make up the net profit and loss, you can pull up the Profit and Loss Detail report.

 

Here's how:

 

  1. Go to Reports.
  2. Enter Profit and Loss report in the search field.
  3. From the Report period drop-down list, choose All Dates.
  4. Tap Run report.
  5. Select the Net Income amount to open the Profit and Loss Detail report for All Dates.

 

You can also customize the report by year to track your retained earnings over time, check out this guide: How to view Retained Earnings account details.

 

 

I'd also recommend consulting your accountant to make sure you're recording your previous expenses accordingly. 

 

In case you need help with other banking-related tasks, browse this link to go to the page: Find help with bank feeds and reconciling accounts.

 

Keep me posted if you still have questions or concerns with retained earnings account. I'll be around to help. Take care and have a great day ahead.

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