Use Retained Earnings as a Category
Big Business includes the option to use Retained Earnings as a Category. This settings allows posting directly to the Retained Earnings to make accounting adjustments and corrections with a General Journal Entry or other transaction. (5636)
Big Business Accounts include:
• Categories which can be designated for use on transactions
• Bank Accounts which can only be accessed with the Banking tools
• Special Status Accounts (SSAs) which are handled automatically:
Accounts Receivable Account(s), Accounts Payable Account(s), Inventory Accounts, Current Year Earnings, and Retained Earnings
Your accountant may recommend entries to Retained Earnings in special circumstances, such as correcting beginning balances, or clearing owner's draws. You should not post to Retained Earnings without an account's advice. Access to use Retained Earnings as a Category is restricted by default and can only be enabled by setting Special Access on the Access tab of an Employee Card.
To Enable Access to Retained Earnings as a Category:
1. Go to Employee to the Access tab
2. Click the Unlock Retained Earnings checkbox
3. Save the Employee
When this Employee signs in, Retained Earnings will appear in the listing of Categories and can be selected on a transaction.
Postings created for Retained Earnings can be viewed on the Category Card, which also displays a Total for these postings (only). Other entries which comprise Retained Earnings are not displayed. The Balance in the Retained Earnings Account can only be viewed by running a report, such as the Balance Sheet, for a specific As Of Date.
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