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