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DD2 · 05-12-2008, 11:34 AM

QB does not require that you close the books to calculate retained earnings. It automatically happens when you run reports. Try running a detail transaction report for 12/07 to 5/08 and you will see the retained earnings for 2007 instead of the transactions for the prior fiscal year.

You entered the RE account in your JE and you now have 2 accounts. Replace that JE with a full Trial balance as of 3/31/07. RE is not on the TB so this account is not used. QB will use the correct internally maintained RE account when you run reports.

05-12-2008, 11:34 AM	#3 (permalink)
DD2 Status: n00b Join Date: Apr 2008 Posts: 22	QB does not require that you close the books to calculate retained earnings. It automatically happens when you run reports. Try running a detail transaction report for 12/07 to 5/08 and you will see the retained earnings for 2007 instead of the transactions for the prior fiscal year. You entered the RE account in your JE and you now have 2 accounts. Replace that JE with a full Trial balance as of 3/31/07. RE is not on the TB so this account is not used. QB will use the correct internally maintained RE account when you run reports.