Retained Earnings and Year End

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M1EnterpriseTech
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Retained Earnings and Year End

Post by M1EnterpriseTech »

How do I clear revenue and expenses to Retained Earnings at year end?

Doesn’t the system do this automatically at set year end? Do I have to do this for every General Ledger account?


To answer the questions above:

There is not a Year End purge out in the software. Reports control what you see for any specific time frame. (i.e. Start and End Date Range set will show proper information)

Let's use the Balance Sheet for an example; The start date is necessary for the calculation of Retained Earnings but for all other accounts you do not need it, but it goes

without say that it always helps to put in the correct information.
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