QB Issue Resolution:

“invoice on 12/31/13 that was paid (and posted) in january 2014, so its connected to that, which I believe is okay. The payment will be part of 2014 rather than 2013.”

Yes, on Cash Basis, this is Income as of the Payment date. If that invoice was for something else that hits a Balance Sheet account (such as Security Deposit or Loan repayment or Inventory item or Retainage), then it shows on Cash Basis, because the AR isn’t in balance unless the “other account” also has its entry. When you run the Balance Sheet on Cash Basis, you should be looking for things that really are Accrual, to understand what is happening. For instance, a common mistake is to use Receive Payment for a prepayment, and at year end, this is seen on Cash Basis as negative AR, because you got something Tangible (funds) for that AR = they both show.

“But with the CC account, its ‘virtual’ account that started at $0”

But QB doesn’t know this isn’t a real credit card; it is a liability.

“on 1/1/2014, and ended at $0 on 12/31/14. Can’t figure out where the -$4 and change number would come from. I looked at the account as suggested, and saw where quickbooks calculated the negative number but, like I said, I took the balance in the CC account on 12/31/14 and then closed that exact amount to the equity account on 12/31/14…leaving the CC at $0 on 12/31/2014.
I guess I shouldn’t worry about it, but it just seems so odd to have that small negative amount.”

Can you post a screenshot of the transactions that you see in this account, as a report view?

Resolution for Issue 'I am getting a mystery retained earning amount for the year 2014. What would cause this?' available: Yes (Solved).
Source: Intuit Community forum.

I am getting a mystery retained earning amount for the year 2014. What would cause this?: 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.

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