Setting up Retained Earnings for company transfered to Manager

Hello,

I am in the process of moving a Company to Manager. The setup has gone fairly well but would like to know how to handle the retained earnings which have accumulated in the history of the business.

Is there an area in Manager where the retained earnings can be inputted as a starting balance? I have captured all the account data for the previous year and all appears to be looking good. The capital accounts OK etc.

I think if I can get some pointers on how to commission the previous years retained earnings this will add to the current financial year’s retained earnings and the numbers will stack-up nicely.

I am sure there are some who have done this many times. Thanks in advance.

Assuming that under Settings - Start Date a date has been entered then you go to Settings - COA and click under BS Equity - Retained Earnings then tick the starting balance box and enter the amount

Thank you this was helpful - I had Credit selected next to the amount below Starting Balance.

On a slightly different topic @Brucanna, I have setup my personal accounts in Manager as well. A property I purchase has increased in value over the last year. So the house value has now increased above the initial purchase value.

How do I show that asset value increase? Do I enter a negative value under Accumulated Depreciation to make up the difference to the new Asset Value? If I do so the book value shows the correct market value.

Under the BS Equity section create a new account called “Asset Revaluations”.
Then do a Journal, Debit Property and Credit Asset Revaluations for the increased value.

Perfect thank you @Brucanna - Have a great day.