This article provides general information about the Retained Earnings account
The Retained Earnings account tracks profits from earlier periods that have not been distributed to owners. It is an account that QuickBooks Desktop automatically creates when you first created your company file.
QuickBooks Desktop automatically transfers the prior year's net income/loss to retained earnings account every first day of each fiscal year. This entry does not require any adjustment and designed to recalculate every time you run a report
Since retained earnings is a special account, you cannot do the following with this account.
QuickBooks Desktop will let you make entries to Retained Earnings, but it is advisable to set up alternative equity accounts