I believe Retained earnings should report the net profit or loss for the period, plus transaction lines that specifically referenced Retained earnings (such as a journal entry for distribution of profits). If that is not what you are seeing, please provide more detailed information on what you mean by “several lines.”
21.7.1
Yes that is correct. It’s a loss of that amount.
I am confused by what you mean. Based on your Statements of Changes in Equity, your Retained Earnings is rolling forward correctly; note how “Balance at end of period” for year-ending June 2020, becomes the “Balance at beginning of period” for year-ending June 2021. Your year-end balances are different for both years, as well.
Do you perhaps mean the screenshots from post 16 appear to show only the current year of activity? If so, that is how things are supposed to work. The transaction drill down is actually cumulative for all time, despite the 30.6.2021 date.
Note how the difference in the credit and debit entries dated 30.6.2021 (from your second screenshot) is about 5,354 (rounded). This is the same as the total of your profit from 2020, minus your loss from 2021.
If you’re looking to see a logical progression of how your organization’s Retained Earnings changes from year-to-year, the transaction drill down will not be very helpful; I’d recommend using the Statement of Changes in Equity instead.
Thanks That is a great help. The other two Equity accounts are managed manually I presume through Journal entries.
Correct; Manager will only automatically update the built-in Retained Earnings account for the Profit (Loss). If you want to allocate a portion of Retained Earnings to the other equity accounts, just follow the example @AJD provided in post 11.
Thanks again. I think I realise whats going on now. The other two categories I have in the Assets part of the Balance Sheet were created by ME when setting up manager using figures from an earlier MYOB program. That’s why they are static. I should just journal both amounts to Retained earnings I believe and delete these accounts
You won’t be able to delete them. Do they not have starting balances?
Put the total starting balance in Retained Earnings, delete the journal entries and then delete
Just note that the Retained Earningscstarting balance is the sum of these two
Ok thanks for that