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how to transfer the retained earning amount from curret
year to next year? what is the path in apps financial
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Answer Posted / rajiv gupta
When we close last Finacial period (Soft/Hard close),system
automatically transfer the difference of Income and expense
accounts to the retained earning account which is
considered as the asset for the next financial period which
in turn get distributed to different account in next period.
This Retained earning account is mentioned at the time of
creating a Set of Book(SOB).This Retained earning account
is also called as Profit and Loss account(P&L).
At the time of closing financial period other account types
like asset and liabilities are carried forward to next
financial period.
Cash in Hand is an asset account.
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