QB Issue Resolution:

It depends

IF, if you are a sole proprietor in company settings, there is NO retained earnings named account.  For sole proprietors only, Intuit decided to just post retained earnings directly to owner equity on the first day of the new fiscal year.

Actually, what intuit did was create retained earning and title it equity for sole proprietors only – not sure why they did this but it always confuses folks.  You can insure that this is the case from the chart of accounts, use the drop down arrow for the equity account and use register or report – if it comes up as a report that is retained earnings – a true equity account uses a register

Resolution for Issue 'Why is net income is not positing to retained earnings?' available: Yes (Solved).
Source: Intuit Community forum.

Why is net income is not positing to retained earnings?: 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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