Year End Closing / Helpful Tips

8.0. YEC Recommend for Retained Earning Account

Recommend - Setup Retained Earning Account


Alert
STEPS:
  1. Click SETUP Activity
  2. Click ACCCOUNTS Module
  3. Select Chart of Accounts
  4. Create a NEW code for "Retained Earning"
    We can separate our Retained Earning by yearly accounts instead of lumping them together into one account for past period financial years.
    Create different Retained Earning account by year.

Retained Earning at A/C Setting


Alert
STEPS:
  1. Changing the financial status, also change the Retaining Earning A/C (For Year End Closing).
  2. Click SETUP Activity
  3. Click ACCCOUNTS Module
  4. Click EDIT, display on the bottom left module
  5. Select A/C Setting
  6. Retaining Earning A/C (For Year End Closing) display on the top left module.
  7. Change to a Retained Earning account for that financial year.
  8. Click SAVE, display on the bottom left module

Retained Earning at Year End Closing Generation


Alert
STEPS:
  1. Click ADJUSTMENT Activity
  2. Click CLOSINGS Module
  3. Select Year End Closing
  4. Check Retaining Earning A/C, display on the top right module
    When Generating the Year End Closing module,
    the Retaining Earning A/C will choose as per your selection in your account set earlier in A/C Setting.
  5. Once you complete Posting.
  6. Print the Year End Closing Posting report the P/L items will post to Retained Earning for your Financial Period

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