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Wildwood Canada BusinessVision Help

Current Earnings General Ledger Account

 
Many BusinessVision users don't understand what the Current Earnings General Ledger account is actually used for, and as a result in many cases BusinessVision is improperly configured.

In Special Accounts...

The Retained Earnings account MUST be set to Retained Earnings, and the Current Earnings account MUST be set to Current Earnings.

 

  • The SOLE purpose of the Current Earnings account is to serve as a placeholder on the Balance Sheet to display the net income for the year-to-date. Nothing more.
     
  • The Current Earnings account is NOT meant to receive the net income for the year during the yearend process. It plays absolutely NO role in the yearend process.
     
  • The Current Earnings account should NEVER be used for journal entries.
     
  • If you have a balance in your Current Earnings account, please make a journal entry to transfer this balance to Retained Earnings where it belongs.

Please also see Yearend and Fiscal Years.

 
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