Join Bonnie Biafore for an in-depth discussion in this video Tracking most recent year’s earnings and earlier retained earnings separately, part of QuickBooks Desktop: Tips and Tricks.
- [Educator] Suppose you want to keep your equity…for the most recent year,…separate from the equity for all previous years.…All you need to do that is one additional equity account,…and a journal entry to move the money.…Well let's start by creating our new account.…On the homepage in the company panel,…I'm going to click chart of accounts.…Down at the bottom of the window, click the account button,…and then choose new on the menu.…We're going to create a new equity account.…
In the add new account dialogue box,…select the equity option and click continue.…I'm going to call this account past equity,…so I type that in the account name box,…and I'm going to give it the number 32,100.…That's all I'm going to fill in for now.…Just go ahead and click save and close.…And now I have my past equity account,…following my retained earnings account.…The next step is to create a journal entry…to move the past retained earnings into the new account.…
So we're going to run a balance sheet report.…I'm going to choose the reports menu,…
Author
Bonnie Biafore
Updated
1/8/2018Released
4/15/2015- Adding, hiding, and sorting list entries
- Changing fields in record windows
- Finding info quickly
- Numbering transactions
- Adding logos to checks
- Applying discounts and credits to bills
- Invoicing cost overruns or fixed-price jobs
- Receiving payments
- Using journal entries
- Saving time on common tasks
Skill Level Appropriate for all
Duration
Views
Q: This course was updated on 12/08/2017. What changed?
A: The following topics were updated: using Find and Search, restarting transaction numbering, sorting bills, and tracking most recent year’s earnings and earlier retained earnings separately.
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Introduction
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Welcome1m 6s
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Using the exercise files2m 58s
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1. Working with QuickBooks Lists
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2. Displaying Information
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Making reminders easy to see3m 41s
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3. Quickly Finding Information
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Using Find and Search5m 18s
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4. Numbering Transactions
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5. Working with Expense Transactions
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Sorting bills4m 7s
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6. Invoicing
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Tracking nonbillable time5m 47s
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Handling fixed-price jobs8m 10s
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7. Receiving Payments
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8. Working with Journal Entries
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9. Working with Dates
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10. Other Time-Saving Tricks
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Conclusion
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Next steps38s
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Video: Tracking most recent year’s earnings and earlier retained earnings separately