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.
Actually the business started 4 yrs ago and I am just now entering everything from that date forward. I am entering in the year 2014. I am still in History mode.
How you went from this is your first year to the fourth year of business, I don't know but I do know my best guess is still my best guess. If you are starting to do the bookkeeping for your business that didn't exist before the start date of using Sage 50, then your opening balances should be zero.
So you should check to see if you have posted any entries to the Retained Earnings account or your opening balances have anything other than zero, as I recommended in my first post.