Thank you for your reply, I appreciate.
My intention was not divert topics but to find someone who could direct me to the right topic and to assist me with my question.
I did not mean closing accounts. I meant Month-End-Closing. Our firm does a month-end-closing in order to show the results and performance for that particular month. The profit or loss for that particular month is transferred to an account in the Balance Sheet called ‘Retain Earnings Year-To-Date’. Currently Manager shows the profit or loss for the month in an account called ‘Retained Earnings’ in the Balance Sheet and the profit or loss for the following month is accumulated in the same account. Our reporting system requires that profit and loss for the prior month, is shown in a separate account called ‘Retained Earnings Year-To-Date’ and only the current months’ profit or loss for the month should be shown in the current months’ Retained Earnings Account and not an accumulation of profits or losses for the year. I only wanted to know if it is possible to clear the Retained Earnings Account and to transfer the amount of profit or loss for the the current month to a new account in the Balance Sheet called ‘Retained Earnings Year-To-Date’ so that the opening balance in the Retained Earnings Account for the following month is shown as ‘zero ‘ . Our company requires that we show the current year profit or loss in a ‘Retained Earnings Year-To-Date Account and previous years profit or loss in ‘Retained Earnings Prior Years Account.
I hope the above clarifies and I can be directed to someone who can assist.
By the way I am a Director of Finance with over 18 years of Accounting and Finance experience working for Sheraton Hotels worldwide and have now my own accounting firm and I wanted to try Manager as a new accounting software for some of my clients. There any assistance regarding this matter will be much appreciated as I am sure that many accountants out there have the same question.