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Retained Earnings: These are the accumulated profits that remain in the business after dividends have been distributed.
To record, do the below steps-
- Go to Accounting > see also > Opening balance document
The Other Sections tab becomes accessible after you choose the Other Sections option from the Main tab.
This tab allows you to input the balances for General Ledger accounts where you cannot set the beginning balances through other available methods.
Opening Balances Entering Document: Other Sections Tab
In the Dr / Cr column, indicate whether you're entering a Debit or Credit, depending on whether the account is an Asset or Liability.
In the Account column, select the account (from the chart of accounts) for which you want to input the beginning balance.
In the Account's Analytics column, provide any additional dimension information required for the chosen account by clicking the <><> link. This will open the Dimensions: Account dialog box.
Dimensions Dialog Box for the Selected Account
In the Amount (Cur.) column, input the opening balance in the account's currency.
In the Currency column, choose the currency of the balance being entered.
The Amount column will automatically populate with the amount in the accounting currency, based on the exchange rates as of the document date.
In the Transaction Content column, you can add a description for the posting if necessary.
