The following steps will guide you in getting rid of retained earnings in QuickBooks. 1. First of all, choose the Edit option and click on Preferences. 2. After that, choose Accounting and select the Set Date under the Closing date option. 3. Now, go to the Set Closing Date and Password window and click on the Closing Date. 4. Type the Date Password and confirm it. 5. Finally, choose Ok & Done.