Historic Retained Earnings
Question asked by Melody 9 years ago
Hello,
Can anyone please tell me how to reverse 'retained earnings' ?
Many thanks
Hi Melody,
As Kevin says, this is not a question we can answer without some specifics regarding what you want to achieve and why.
The best thing to do may be to raise a Support Ticket (email contact support) as that way we can discuss the details with you privately.
I hope this helps.
All the best.
Best answer
Retained earnings is a PITA for us as a sole trader proprietorship. I have changed the settings so that I can journal to and from retained earnings to post these automated figures to the capital account where they belong for a sole trader.
But could this automated posting not be toggled between sole trader and limited company?
And although the P&L gets rightly closed off automatically, could the drawings and capital introduced not get automatically closed off to the capital account?
Hi Richard, I did raise a support ticket and have had no response which is why I've now posted in the community... I look forward to receiving a reply to my support ticket. Many thanks
Hi Melody
As the old saying goes, there are two sides to every story. In bookkeeping the same applies, doing something somewhere will have a knock on effect elsewhere.
We'd really need to understand why you want to 'reverse' [not exactly sure what that means anyway?] the retained earnings figure?
You must 