On 9/22/2021 10:14 PM, davidcousen...@gmail.com wrote:
Rogier,
Retained Earnings is an equity account so a retained earnings balance is
recorded against equity itself as follows if your past retained earnings were a
net profit (credit or +ve balance in your pevious set of accounts). If a net
loss (debit or -ve balance_ then the debit and credit would be reversed
Dr Cr
Equity:Opening Balances:Retained Earnings xxx
Equity:Retained Earnings xxx
What I am saying is that the "retained earnings" showing in a gnucash
balance sheet is a virtual account (you don't have to do a "close the
books" to empty all income and expense accounts before running a Balance
Sheet)
BUT depending on the sort of business, etc. might need an actual
"retained earnings" account to track what can (or must) be distributed.
In that case, just use something else for the name.
Michael
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