Note: All Equity Earning accounts (current & retained earnings) are system calculated and therefore do not need to be setup.In the software, you define Equity Accounts for each equity account you want reported in your General Ledger. As time goes by, you maintain the value in these equity accounts using the software's GL Adjustments tool.
Note: All Equity Earning accounts (current & retained earnings) are system calculated and therefore do not need to be setup.
The software allows you to set up and maintain any number of Equity Accounts. You will set them up using the Equity Accounts Setup dialog.
To access the Equity Accounts Setup dialog:
Click on Tools
Select Location
Select General Ledger Accounts
Click on Equity Accounts.
IMPORTANT: You may not remove an Equity Account if it has a balance. If you attempt to remove an Equity Account with a balance (positive or negative), The software will display a dialog which displays the account balance. Therefore, to remove an Equity Account, ensure it has a $0.00 balance first.
To Add a new Equity Account: