Retained Earnings Account

 

Function

At the end of the fiscal year, the year-end process is run. All income and expense accounts are accumulated. The difference between the income and expense is the company’s profit or loss for the year. This amount is posted to a retained earnings general ledger account as part of the year end process. A single retained earnings account number must be specified for the module to successfully close the year.

 

=> To access this task...

Select Retained Earnings  from the General Ledger Parameters menu.

 

Retained Earnings Account

 

About the Fields

To enable edits to the form select  .

 

In the GL Account field...

  • Enter the retained earnings account number.

  • Click Click to select from a list of all valid accounts.

  • Click Display master record to review the master file of the GL Account selected including Summary Activity and Transaction History inquiries.

NOTE: This number is required for the year-end closing process to operate properly. This account must be set up as a valid account in the chart of accounts.

 

When finished making entries to the fields…

  • Click Save button to save the changes.

  • Click Delete button to delete the current entry.



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