QuickBooks Retained Earnings Incorrect: Verify Profit and Loss Report

QuickBooks Retained Earnings Incorrect: Verify Profit and Loss Report

If your QuickBooks Retained Earning Incorrect, it's crucial to verify the Profit and Loss report to identify discrepancies. Start by running the Profit and Loss report for the fiscal year. Ensure all income and expense accounts are correctly categorized. Check for any transactions that might be mistakenly recorded in the wrong period or account. Compare the net income from this report with the change in retained earnings on the balance sheet. Any mismatches could indicate data entry errors, miscategorized transactions, or other issues. Correcting these discrepancies ensures accurate financial statements and reliable retained earnings calculations in QuickBooks.