Account — Retained earnings

The Retained earnings account in Manager.io represents the accumulated net profits or losses of your business over time. While this account is built-in and cannot be deleted, you have the flexibility to rename it, assign it a code, or change its group classification on the Balance Sheet.

This guide explains how to access and modify the Retained earnings account.

Accessing the Retained Earnings Account

To edit the Retained earnings account:

1. Navigate to Settings:

   • Click on the Settings tab in the left navigation menu.

2. Open Chart of Accounts:

   • Within Settings, select Chart of Accounts.

3. Edit Retained Earnings:

   • Locate the Retained earnings account in the list.
   • Click the Edit button beside the Retained earnings account.

Editing Account Details

When you click Edit, you'll see a form with the following fields:

Name

• Description: The name of the account.
• Default: Retained earnings
• Instructions: You can rename the account to suit your preferences or align with your reporting terminology. Simply enter the new name in the Name field.

Code

• Description: An optional code for the account.
• Instructions: If you use account codes for organization or integration purposes, enter the desired code in the Code field.

Group

• Description: The group under which the account appears on the Balance Sheet.
• Default: Equity
• Instructions: Use the dropdown menu to select a different group if you want the account to be presented under a different category on the Balance Sheet.

Saving Changes

After making your desired changes:

1. Save Your Changes:

   • Click the Update button at the bottom of the form.

2. Confirmation:

   • Your changes will be saved, and the Retained earnings account will reflect the updates in your Chart of Accounts and financial statements.

Important Notes

• Cannot Delete the Account: The Retained earnings account is essential for financial reporting and cannot be deleted from your Chart of Accounts.
• Automatic Inclusion: This account is automatically added to every business you create in Manager.io.
• Effect of Changes: Renaming or reassigning the group of the account does not affect its functionality; it only changes how the account is displayed in your reports.

Summary

By customizing the Retained earnings account, you can ensure that your financial statements align with your business terminology and reporting structure. Whether you prefer a different account name, need to assign a specific code, or want to change its grouping on the Balance Sheet, Manager.io provides the flexibility to make these adjustments easily.