The Retained Income account is a Balance Sheet account that must exist in Sage 50c Pastel Partner/ Xpress for the Year End to be processed.
- This account will show the Profit or Loss for the year
- The Retained Income Account will be created by default if the Setup Assistant was used to create the company
- There should only be one Retained Income Account per company
When a Company is created using the option to Start a new Company Sage50 will create a new Database with no General Ledger accounts which the Retained account may be missed when accounts are created
- Select Edit > General Ledger > Accounts
- Select the Magnifying Glass
- Change the Zoom Sequence to Description and search for Retained Income
- Should there be more than one Retained Income account, one of these accounts must be deleted
- Should there not be a Retained Income account, select the New Icon to create a new Retained Income Account
- Type in the Account Number (5200)
- Type in the Description Retained Income Account
- The Main Account will be a Balance Sheet Account and the Financial Category will be B15 Retained Income
- Select the Save option once complete
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