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Chapter 16. Recording Owners' Equity > Viewing Contents of Retained Earnings Ac...

Viewing Contents of Retained Earnings Account

Retained Earnings is the account that represents the accumulated net earnings of your company. The amount in this account changes automatically as of the first day of each year. The total income less the total expenses for the prior year (net income) flows into this account. QuickBooks automatically closes all income and expense accounts and places the company's net income in the Retained Earnings account. A new feature in the 2005 version of QuickBooks allows you or your accountant to view the information in your Retained Earnings account by producing a QuickReport. The automatic closing entry appears on the report with the description Closing Entry.

View Contents of Retained Earnings Account

Press Ctrl+A to open your Chart of Accounts.

Click Retained Earnings to select the account.

Click the Reports button in the Chart of Accounts window.

Select QuickReport: Retained Earnings.

Double-click any entry on the report to see the detail of that transaction.


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