How do I get rid of retained earnings in QuickBooks?

To view inactive accounts, click on the “Lists” menu and select “Charts of Accounts.” Click on the “Accounts” button and then the “Show Inactive Accounts” button and remove the “X” next to Retained Earnings to reactivate the account.

Can you delete the retained earnings in QuickBooks?

There is not a possibility to delete the Retained Earnings in QuickBooks. However, often it has been noted that there is some unstated numbers in your particular financial report. This eventually leads to an inaccurate transfer of funds to your particular account.

How do I zero out retained earnings in QuickBooks?

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How do you clear retained earnings?

If you need to reduce your stated retained earnings, then you debit the earnings. Typically you would not change the amount recorded in your retained earnings unless you are adjusting a previous accounting error. Adjustments to retained earnings are made by first calculating the amount that needs adjustment.

How do you correct retained earnings in QBO?

Here’s how:

  1. Click the Gear icon on the top menu.
  2. Select Chart of Accounts.
  3. Find the Retained Earnings account.
  4. Tick the Run Report from the Action column.
  5. From the Report period drop-down list click on All Dates.
  6. Hit Run report.

Can retained earnings be zero?

A very young company that has not yet produced revenue will have Retained Earnings of zero, because it is funding its activities purely through debts and capital contributions from stockholders.