Adjustment to Retained Earnings

This is the first year of business and I have Retained Earnings from the previous year, how do I get rid of it?

  • My best guess is that it showed up when you entered the Opening balances to the program.

    Did you start using Sage 50 when you started your business or after?

    Are you still in History mode?  eg. is there a History Menu?

    If you started the company file in Sage 50 after you started your business, you need to double check the closing balances from your old bookkeeping system to make sure you entered them correctly in the new Sage 50 system and move the Retained Earnings amount to the correct account(s).  You can do this through Opening Balances if you are still in History mode, or through a General Journal entry if not.

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