Retained earnings amount on balance sheet filtered to 'ALL DATES' doesn't reflect correct amount

I'll share some information about the retained earnings account in QuickBooks Online (QBO), @bm551.

QBO treats closed periods as separate entities. Once you close the books for a fiscal year, the net income automatically transfers to retained earnings. Your current and last fiscal year balance sheets show the correct retained earnings because they only reflect transactions within those closed periods.

However, all dates show the original retained earnings amount before the closing entries and do not automatically adjust to include the most recently closed net income.

In addition, 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.

To see a detailed breakdown of all the transactions contributing to the net Profit and Loss (P&L), you can access the P&L Detail report for each year. This report will show the amount transferred from the Profit and Loss into the Retained Earnings account.

Here's how:

1. Sign in to your QuickBooks Online account.
2. Go to Reports, then enter Profit and Loss report in the search field.
3. From the Report period drop-down list, choose This Fiscal Year.
4. Tap Run report.
5. Select the Net Income amount to open the Profit and Loss Detail report for This Fiscal Year.

For more information about what makes up your Retained Earnings, feel free to browse this article: What makes up your Retained Earnings.

Furthermore, you can visit these articles for future help in case you need assistance 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 the retained earnings account in QuickBooks Online. Don't hesitate to reach us and I'll be around to help.