3300 Retained Earnings
Profit the business has kept over the years rather than paid out. Each year-end close moves net income here.
In Solo Superstars
You never post to it directly. The closing entry at year end zeroes revenue and expense accounts into this one, so the new year’s Income statement starts clean.
Example
Year net income $15,000: the close credits 3300 15,000 and debits every revenue account, crediting every expense account, to zero.
Codes shown are the defaults a new workspace starts with. Yours may be renamed or renumbered — check Accounting › Chart of accounts. See the full default chart.
Also called
- accumulated profit
Related
- Retained earnings — Profit the business has kept over the years rather than paid out. Each year-end close moves net income here.
- Year-end close — Closing the fiscal year: zeroing revenue and expense accounts into retained earnings, rolling owner draws into equity, and locking the year.
- Net income — Revenue minus every cost and expense. Rolls into retained earnings at year end.
- Chart of accounts — The list of buckets your money can be sorted into: assets, liabilities, equity, revenue, expenses. New workspaces start with a default set you can rename or extend.
- Default chart — The chart of accounts every new workspace starts with, numbered the way QuickBooks users expect. Yours may have been renamed or extended since.