Here's How to Zero Out Retained Earnings in QuickBooks

QuickBooks users still face issues while trying to zero out retained earnings in QuickBooks. QuickBooks is the perfect tool for middle to small-sized businesses to procure most of the resourceful solutions for their accounting needs. Thanks to its wide range of high-end features, it has retained the best bet a workplace can have for their work problems. However, getting on the point, let’s talk about the process of closing the retained earnings account in detail.

Are you having problems while trying to transferring the retained earnings to your account? Call on the toll-free support number 844-888-4666 and get the best possible assistance.

How do I adjust retained earnings in QuickBooks?

The retained earnings account is a utility in QuickBooks to view your business’ income and expenses in the past years. As a matter of fact, the software automatically transfers the pending amount in the retained earnings account. So, there is no need to close the retained earnings account in QuickBooks. It will be renewed after the closing date, all by itself. However, you can set or change the closing date through these instructions. Follow them step-by-step.

1. Open QuickBooks and go to the Edit menu.
2. Select Preferences and then choose the Accounting option.
3. Click on the Company Preferences tab and click on the Set Date/Password button.
4. In the coming window, select a Closing Date from the calendar.
5. Enter the Closing Date password and then confirm it in the next box.
6. Click on OK to close the window and then select Save & Close.

How to get rid of the retained earnings in QuickBooks?

There is no option to delete the retained earnings in QuickBooks. However, if you had mistakenly over or understated some numbers in your financial reports that led to the wrong amount being transferred to your account, you can correct it by adjusting the transactions in the journal reports and the general ledger. This will affect the final calculations and, thus, correct the wrong amount of retained earnings.

Here we would like to end our blog on how to zero out retained earnings in QuickBooks. We hope that the content delivered here by the writer is relevant to your queries and help you to acquire enough insights to resolve your issues. However, if there are things that you didn’t get the answers for, even after reading this post, call on 844-888-4666 and get immediate support from a QB expert.