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S
sh2295
October 13, 2021
Question

Retained earning of Trial balance does not match with chart of account retained earnings. How Can I fix this? How can I see each transaction affeacting this?

  • October 13, 2021
  • 1 reply
  • 4 views
No text available

1 reply

J
JamesM4
Level 6
October 13, 2021

Hello sh2295, 

 

Glad to have you reach out to us here again. It's vital that your Trial balance totals are matching with your Chart of Accounts totals for your retained earnings. I'll be happy to point you in the right direction so you can enjoy the amazing features offered in QuickBooks. 

 

Based on what you've described, I recommend checking the following variables to make sure they are aligned with what you're looking to see: 

 

- Reporting dates: if the reports you're looking at are not for the same period, the amounts will be different.
- Cash vs Accrual: In accrual-based accounting, a sale is recognized when the invoice is created. In cash-based accounting, the sale is recognized when it is paid. This means that the accrual method will include open invoices in your income.

You can change this setting while running your reports by selecting the Cash or Accrual radio buttons under Accounting method on your reports. I encourage you to review the variables above and let me know if you have additional questions. I'm here to help you achieve your QuickBooks goals.

S
sh2295Author
October 13, 2021

Hi,

 

I am using same date in both report. And for accounting method I can select trail balance accounting as accrual but for chart of accounts retained earnings i don't have option for accounting method. Can you please help me if I can see each transaction for retained earnings(for Trial balance & chart of accounts)?

J
JamesM4
Level 6
October 13, 2021

Thanks for getting back to me here. I see you benefiting more by contacting our support team so they can share your screen and help get to the bottom of this ASAP. 

  • Schedule a Callback or start a Chat: click (?)Help in the upper right in QuickBooks Online > type and enter "Contact support" into the QB Assistant > click Contact Us > explain your situation > click Let's Talk > choose Get a callback or Start a Chat.
  • Social Media: Facebook, Twitter, and Instagram.
  • Support hours are from Monday to Friday between 9 a.m. and 8 p.m. ET.

Let me know if this info helps by leaving a comment below. You're more than welcome to ask other questions in the comments below. I've got your back. 

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