Retained Earnings and SAFE's

Technical topics regarding tax preparation.
#1
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31-Dec-2022 12:17pm
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Texas
We recently moved a C corp from Xero to QBO with a clean start on the 1st of the year. We need to bring over some of the items via journal entries. We want to ensure we have it right for taxes. There are a number of SAFE notes that were received years ago and there is the retained earnings from last year. I know I'm missing a CR and DR as the SAFE is zero'ing itself out between the opening balance entry and the Safe. The retained earnings is showing up in sales and it should not. The money is already accounted for in the accounts. What am I missing?
 

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