Posting dividend distribution and setting Chart of account in QucikBooks
I use QBO.
I need to post Dividend distribution and set a Chart of account.
Would really appreciate some guidance.
First make a journal entry in QB with debit the Retained Earnings A/C and Credit the Bank Account.
If this dividend distributes through bonus share please debit the Retained Earnings and credit the Share capital account.
After that see the ledger report of Retained Earnings ledger:
Go to the customise report
Then go to Header and footer and rename the report title with “Statement of Retained Earnings”.