QB Issue Resolution:
tax line assignments have nothing to do with anything, unless you plan on exporting to turbo tax, that is what they are for
and with the way tax forms change, I would not export to TT even though I use it
retained earnings is last years net profit, it should be rolled up into owner/partner equity if you are not taxed as a corp, after all prior year adjusting entries are done if any
debit retained earnings
credit owner/partner equity
I recommend you have the following for owner/partner equity accounts (one set for each partner if a partnership)
owner/partner equity drawing – you record value you take from the business here
owner/partner equity investment – record value you put into the business here
Resolution for Issue 'How does the “Tax Line Unassigned (balance sheet)” line work in the income tax summary report?' available: Yes (Solved).
Source: Intuit Community forum.
How does the “Tax Line Unassigned (balance sheet)” line work in the income tax summary report?: this issue or error code is a known issue in Quickbooks Online (QBO) and/or Quickbooks. Support for this issue is available either by self-service or paid support options. Experts are available to resolve your Quickbooks issue to ensure minimal downtime and continue running your business. First try to resolve the issue yourself by looking for a resolution described below. If it is a complex issue or you are unable to solve the issue, you may contact us by clicking here or by using other support options.Support for Quickbooks
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