A lot of queries come up to us from QB users regarding Retained Earnings in QuickBooks. Retained earnings are the collective end-of-year balances of your small business. At the end of each fiscal year once all the invoices have gone out and all the bills are paid the negative or positive balance for your business is transferred to a new account known as Retained Earnings in QuickBooks. Starting with the new fiscal year, QuickBooks Online automatically adds the net income from the previous fiscal year to your Balance Sheet as Retained Earnings.
Retained Earnings in QuickBooks is actually a complex task but can be dealt with efficiently once you follow this blog. Go through the complete post and know about the same. In case of any error while accessing the above, prefer reaching out to the QB support team on (800)-417-5147
How to view Retained Earnings?
Here are the steps that a user needs to follow the steps listed below. When followed rightly you will be able to view your retained earnings in the Balance Sheet.
1. Select Reports.
2. Locate and select the Balance Sheet to open it.
3. In the report, locate the Retained Earnings item to see your company's reported net income.
4. What can be done to run the Profit and Loss statement by year?
5. Click on Reports.
6. Search and select the Balance Sheet to open it.
7. In the report, locate the Retained Earnings item to see your company's reported net income.
How to Run Retained Earnings Report?
Moving on we list down how to run Retained Earnings Report in hassle-free ways.
1. Choose the Gear icon
2. Move to Chart of Accounts.
3. Locate the Retained Earnings account and click Run Report in the Action column.
4. Set Transaction Date to All Dates and click Run Report.
With various section listed in the blog, I hope you have found the answer to every part of Retained Earnings in QuickBooks. For any query reach out to the QB support team on (855)-417-5147.
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