Hello there, labs99.

Welcome to the Community. I'm here to share some information about Retained Earnings in QuickBooks.

Retained Earnings account shows the total of your company's income and expenses from all previous years. When a new fiscal year starts, it'll automatically add the net income from the previous to your Balance Sheet as Retained Earnings. While closing entries are made at the end of the fiscal year to transfer the balance from the income and expense account to Retained Earnings.

You can enter a Journal Entry to reverse the closing entry with no closing date. I suggest consulting an accountant so they can guide you on what account to use when doing the entries.

You can also check this article for more information about the important points before you close your books: Close your books in QuickBooks Desktop.

I'm happy to offer assistance again if you have more questions for QuickBooks. Post a new thread here and I'll be there.