How should my GL Penalty account be coded (category?) so that when I do my year end closing the amount is not included in the retained earnings amount but the P&L account is zeroed?
*This post is locked for comments
I found my own answer. The Penalty account is coded as a normal expense and it is rolled into the Retained Earnings amount. Your number will match Schedule M-1 of your tax return.
Linda,
Not sure what you want here. If the balance is closed to a p&L account you just need to make it an income account. However, all P&L accounts are closed to retained earnings. What do you mean by 'penalty' account?
#1
André Arnaud de Cal...
291,711
Super User 2024 Season 2
#2
Martin Dráb
230,458
Most Valuable Professional
#3
nmaenpaa
101,156
Share
Report
All responses (
Answers (
