In QuickBooks, Retained Earnings is a very, very special account. You can rename the Retained Earnings account, but you cannot:
Setting Up and Adjusting Retained Earnings
When you set up a new company, QuickBooks automatically creates the Retained Earnings account. QuickBooks will let you make entries to Retained Earnings, but it is preferable to set up alternative equity accounts:
Rolling Over Net Income.
On the first day of each fiscal year, QuickBooks automatically transfers the prior year's net income/loss into Retained Earnings. Thus. you start each fiscal year with a zero net income. You do not need to make this entry as part of your routine closing entries. These entries are recalculated every time you run a report and can be calculated on either the cash basis or the accrual basis. You should not need to make any adjustements to these roll overs.
For more information on retained earnings, refer to Viewing the Retained Earnings account. and view a retained earnings example from QuickBooks.
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When viewing closing entries to the Retained Earnings account, the amounts do not match the Net Income on the Profit and Loss report for that year. This may occur if you are viewing the Profit & Loss on the cash basis and the RE postings on the accrual basis. Please be sure that both reports are on the same basis.
This can be caused by manually correcting the reports to reflect a Fiscal Year which is not in agreement with the one set in QuickBooks Company Information.
Note: If the Fiscal year information is correct, ensure that dates and choice of Cash or Accrual on the reports are in agreement.