Retained Earnings Accounting
Posted: Wed Apr 30, 2008 12:28 pm
Hi there,
We have different companies sharing same Set of Books and each company has its own retained account. At the year end General Ledger posts the net balance of all income and expense accounts from the prior year against your retained earnings account. As we are having different companies it will use the same code block it will just change the company.
Ex: A-100-20000
B-100-20000
But we want for company B to go this code block B-200-40000
I know we can do manual adjustments at year end, but i am just wondering if some one can suggest a better way to handle this. Any help on this would be really appretiated.
Thanks,
Kiran
We have different companies sharing same Set of Books and each company has its own retained account. At the year end General Ledger posts the net balance of all income and expense accounts from the prior year against your retained earnings account. As we are having different companies it will use the same code block it will just change the company.
Ex: A-100-20000
B-100-20000
But we want for company B to go this code block B-200-40000
I know we can do manual adjustments at year end, but i am just wondering if some one can suggest a better way to handle this. Any help on this would be really appretiated.
Thanks,
Kiran