QuickBooks automatically creates these accounts when you need them:
Retained earnings are profits from earlier accounting periods that have not been distributed to the company's owners. At the end of your fiscal year, QuickBooks computes your profit (or loss) into an equity account named Retained Earnings.
An account that QuickBooks automatically adds to your chart of accounts the first time you enter a bill. QuickBooks uses this account to track the money your business owes to others. When you enter a new bill, or pay off outstanding bills, QuickBooks records the transaction in the register for your Accounts Payable account.
An account that QuickBooks automatically adds to your chart of accounts the first time you enter a bill. QuickBooks uses this account to track the money your business owes to others. When you enter a new bill, or pay off outstanding bills, QuickBooks records the transaction in the register for your Accounts Payable account.