Allow me to provide some information about Retained Earnings and the report that you can run, BeyondTheBox.
The Retained Earnings account shows the total of your company income and expenses from all previous years. Once the new fiscal year starts, QuickBooks Online (QBO) automatically adds the net income from the previous fiscal year to your Balance Sheet. You'll want to view your Retained Earnings in the Balance Sheet:
- Select Reports.
- Locate and select the Balance Sheet to open it.
- In the report, locate the Retained Earnings item to see your company's reported net income.
In addition, you can distribute the amounts in the Retained Earnings account at the end of your fiscal year using a journal entry. The Debit column will decrease while the Credit will increase your Retained Earnings account. Remember that you must offset every debit with equal credit.
However, if you want to see what makes up Retained Earnings, you can run the Profit and Loss report to view details for the Net Income (Loss) amount.
You can also browse some helpful articles for your reference. This will simply guide you in anything that you want to know about QuickBooks.
Feel free to leave a comment below if you need anything else about retained earnings. As always, I'll be here to further assist you.
