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Dynamics 365 Community / Forums / Small and medium business | Business Central, N... / Net Income in Retained...
Small and medium business | Business Central, N...
Answered

Net Income in Retained Earnings on the Balance Sheet

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Posted on by john.ellis 3,534

Hi:

Of course, Net Income is an element of the Income Statement and not the Balance Sheet.

Accounting, however, dictates that Net Income is a part of Retained Earnings on the Balance Sheet.

So, how do you "place" Net Income in Retained Earnings through an Account Schedule?

Thanks!

John

  • Verified answer
    tlhgolfer Profile Picture
    tlhgolfer 23 on at

    John,

    You would just need to have the Retained Earnings account and the range of the others.  

    3999|4000..9999

    Hope this helps,

    Tanya

  • Suggested answer
    Dallefeld Profile Picture
    Dallefeld 235 User Group Leader on at

    If you are talking current year, it's nice to show Prior Year Retained Earnings and Current Year Net Income on the balance sheet as part of the equity section? Of course Retained Earnings from Prior Years should have been updated through the Close Income Statement process.

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