Subject: Issues with Automatic Retained Earnings and THB Multi-Currency Setup

To ensure your Retained Earnings and year-end closing are accurate, please verify that your fiscal year start month is set up correctly in QuickBooks Online (QBO). Choosing the wrong start month will cause the system to reference incorrect dates. Here’s how:

1. Go to the Gear icon, then click Account and Settings.
2. Select the Advanced tab.
3. In the Accounting section, verify that the First month of financial year is correct.

Once confirmed, run your Trial Balance and Profit and Loss reports with the date range set from the first day of your fiscal year to today for a clear and accurate comparison. It’s normal to see no transactions in Retained Earnings because QBO automatically rolls the previous year’s profit or loss into that account as a net summary total.

For more information on this process, please check this article: View Retained Earnings account details.

Regarding your second concern, you must turn on Multicurrency in your settings if you haven’t enabled it yet. Then, add THB - Thai Baht on the Currencies page. Please note that this action cannot be undone once enabled. It is only available in QuickBooks Online Essentials, Plus, and Advanced plans.

For detailed steps, please refer to this article: Set up and use Multicurrency in QuickBooks Online.

Please feel free to use the Reply button if you need anything else.