Why does every Chart of Accounts report I run from a date in 2017 to a date in 2018 list the total 2017 expenses in one line item called Retained Earnings?

I have QB for Mac 2019 V18.0.2 R3.1 & am using a MacPro running Mojave 10.14.1 OS.  Is this report generation glitch a known problem? 

After running a QB update last Friday I was unable to log in due to a password reset issue.  After spending 3 hours on the phone w/Intuit support I learned that Mojave OS is not yet fully compatible with QB 2019 so tech support had me revert back to the previous version of QB 2019.

Our accountant is checking with her other Apple clients & I posting same question on the Apple Community.

I hope there is a fix soon for this problem!

Answer

Thank you for reaching out to us here in the Community, scottandgeoff,

QuickBooks Desktop will automatically creates the Retained Earning account once you set up a company file to track profits from earlier periods. This account is also where QuickBooks transfers the prior year's net income/loss to every first day of each fiscal year using a Journal Entry.

QuickBooks automatically transfers the prior year's income/loss to Retained Earnings account since the Chart of Accounts report you run has overlapped the fiscal year.

On the other hand, there's no reported issues about the QB for Mac 2019 using Mojave OS pertaining Retained Earnings when pulling up Chart of Accounts report in QuickBooks.

You can also refer to this article for additional reference: QuickBooks Desktop system requirements.

Please feel free to leave a comment below if you have other concerns about retained earnings in QuickBooks. I'm just around if you need help.

Was this answer helpful? Yes No
Original
IntuitRea , Community Support Specialist
Employee SuperUser

No answers have been posted

More Actions

People come to QuickBooks Learn & Support for help and answers—we want to let them know that we're here to listen and share our knowledge. We do that with the style and format of our responses. Here are five guidelines:

  1. Keep it conversational. When answering questions, write like you speak. Imagine you're explaining something to a trusted friend, using simple, everyday language. Avoid jargon and technical terms when possible. When no other word will do, explain technical terms in plain English.
  2. Be clear and state the answer right up front. Ask yourself what specific information the person really needs and then provide it. Stick to the topic and avoid unnecessary details. Break information down into a numbered or bulleted list and highlight the most important details in bold.
  3. Be concise. Aim for no more than two short sentences in a paragraph, and try to keep paragraphs to two lines. A wall of text can look intimidating and many won't read it, so break it up. It's okay to link to other resources for more details, but avoid giving answers that contain little more than a link.
  4. Be a good listener. When people post very general questions, take a second to try to understand what they're really looking for. Then, provide a response that guides them to the best possible outcome.
  5. Be encouraging and positive. Look for ways to eliminate uncertainty by anticipating people's concerns. Make it apparent that we really like helping them achieve positive outcomes.

Select a file to attach:

Qb community
Looking for advice from other business owners?

Visit our QuickBooks Community site.