Made deposits as income and one went into retained earnings, why?

QuickBooks Help QuestionsCategory: Create > Other > Bank DepositMade deposits as income and one went into retained earnings, why?
Paul asked 1 year ago

Made deposits as income and one went into retained earnings, why?
 

admin Staff replied 1 year ago

Check your deposit date on entered transaction. If you’ve backdated that deposit to sometime in the last fiscal year, that may be the reason it went to retained earnings account. Once the fiscal year is over, Net Income from P&L moves to Equity as Retained Earnings.

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