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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. |
