I notice that SL doesn't have Equity in its Chart of Accounts order.

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Posted on by Jamie808

So far I haven't been able to put in any account numbers for Equity section, as well as YTD Net Income and Retained Earning in GL Set-up. Can anyone help clarifying this please?

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Becky Zhao 45 on at

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Re: I notice that SL doesn't have Equity in its Chart of Accounts order.

You are right. SL didn't have Retained Earning account class. I think it is correct that you put the Retained Earning to Liabilities. I am a new end user for SL. First time, I saw the Balance Sheet I was so confused too because the statement shows total Asset and total Liability and Retained Earning. I believe you will encounter more inappropriate settings in future. Right now, I ignore those issues and just make sure numbers are correct in a big picture frame.
Jamie808 40 on at

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Re: I notice that SL doesn't have Equity in its Chart of Accounts order.

Yes, I do. SL only has four major account classes which are Assets, Liabilities, Income and Expense. Everything has to fall under those according to it. I assigned YTD Net Income and Retained Profits to Liabilities coded category but somehow it just doesn't feel appropriate.
Becky Zhao 45 on at

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Re: I notice that SL doesn't have Equity in its Chart of Accounts order.

Do you have the access right do GL Set-up?