Retained Earnings Quickbooks For Mac
What is Retained Earnings and Opening Balance Equity? These are special equity accounts created by QuickBooks and exist on the balance sheet. Retained Earnings – This account is used to track all profits for prior years minus any distributions or dividends. For example, assume company A has retained earnings of $100,000 at the end of year 1. In year 2, it makes a profit of $50,000 and pays dividends of $25,000 to its shareholders. Its new retained earnings are $100,000 + $50,000 – $25,000 = $125,000. If a company suffers a loss during a year, then the amount of the loss is transferred to the.
Preparing a QuickBooks bank reconciliation is an important part of your month end financial tasks. Identifying the reason for uncleared QuickBooks checks and deposits is just as important as reconciling to a zero difference. After you have reconciled to zero, identify why uncleared checks, debits, or deposits still remain uncleared.
This step is very important for the following reasons. Otherwise, these uncleared checks, debits, and deposit items that will never clear can: • Distort your cash balance in your checking account • Show incorrect net profit or loss of your business QuickBooks balance sheet and profit & loss report will change when you void or delete any uncleared check or deposit. This change occurs on the date the check or deposit was originally posted. If that date was in a closed period, it will change your financial statements. For this reason, see steps below to correct uncleared checks or deposits. A closing date can be set in QuickBooks from the company menu > set closing date. If the uncleared QuickBooks check or deposit was written prior to the closing date, consider the period closed.
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The period is closed if you delivered financial reports that included the uncleared check or deposit to any of these key individuals to your organization: • The business owner • Board of directors • Your bank • Other outside parties You do not want the financial reports to change. If you void or delete an uncleared check or deposit transaction that falls within the published reports – date range – the void/delete will change the profit & loss or retained earnings.
These changes can make an accountant and other financial readers of the statements unhappy. • Go to Edit menu and select Find Advanced.
• Click on the filter for the amount and enter the amount of the uncleared QuickBooks check. Then, click on search to identify if this is a duplicate entry which can be deemed Erroneous-Entered In Error. • Next, Click the Reset button in the Find window. • Go to Edit Find Advanced and click the filter on the name and enter the name of the payee on the check and search through the transactions to determine if the payment was included on another check that was issued and cashed. OR, look in the vendor center under the vendor record to see if you can identify whether a duplicate payment had been made.
When uncleared QuickBooks checks are posted to an expense account for a period that was officially closed within QuickBooks (company menu > set a closing date – you can begin to see the advantages of closing your books after each QuickBooks bank rec): • QuickBooks will allow you to void the check in the current period and create the journal entries to keep prior reports accurate. • Beware- this will only work if the check was posted to an expense account. It will not work if a non-expense account in the chart of account was selected on the QuickBooks Check or the transaction used an item rather than a chart of account. After reaching a zero discrepancy in your bank rec, handle the uncleared QuickBooks checks, debits, and deposits transactions that will never clear as follows: Here are the steps: • • Open the original check /deposit- on the Memo lines (both) write “this check voided xx/xx/xxxx and replaced with check #xxxx”.