can we have profit and loss account on year wise if we drill down onto the Retained Earning Account where it show for example
profit/loss 2018
profit/loss 2019
profit/loss 2020
Retained earnings is not a profit/loss account. Transactions can affect it that do not affect net profit or loss.
If you want to look only at transactions for a given year, search the drill-down for that year. Totals of debits and credits are included in the result. Better yet, look at your Profit and Loss Statement. If desired, you can add comparative columns for past years.
Retained Earning = Accumulated Profit/loss year wise from day one starting the business till today. I thought it would be helpful to breakdown the profit and loss amount as stated below.
I have seen some accounting software which using different method than manager this account will be the net profit/loss account at year end. having the same will be great
Just create a new equity account for each year and call it, e.g., Profit 2019. Then make a journal entry Retained Earnings dr - Profit 2019 cr for the appropriate amount.
This is an incomplete definition of retained earnings. It ignores distributions to capital accounts, provision for dividends to shareholders, drawings by owners, or other forms of distributions of earnings to investors (according to the legal structure of the business). It also disregards the fact of Manager’s somewhat unique account structure, in which all business must have and use a retained earnings account (although possibly renamed), even though that is a construct usually seen only for corporations in many places.
Dear @lubos
Update No 20.6.68 Cloud Edition
can you please evaluate. I didn’t start new subject because it is related the Retained Earning
I have noticed with the new summary the Retained Earning Account Amount in the summary is different from the balance amount once we drill-down
from first customer
account name changed to This Year Retained Earnings
this the new summary window
the account when I drill-down
Second Customer
Update your software. There have been additional changes that might affect this. Let us know if the issue remains.
Both of them using cloud edition. It should be always updated to the latest release
Can you please check and guide me to the correct path
Yes, but you explicitly referred to v20.6.68, which as I write is 9 versions out of date.
noted
I will wait till the update release for cloud edition
Dear @Tut
please find below reply
can you please assist and evaluate
First Company the problem solved under Update No 20.6.87 Cloud Edition base currency in Libyan Dinar and he has other currencies in EUR AND USD
but for the second customer the problem still not solved under Update No 20.6.87 Cloud Edition base currency in Saudi Riyal and he has other currencies in EUR AND USD
@abdulbari I’m looking into this why this could be the case.