Account — Retained earnings

The Retained earnings account is a built-in account in Manager.io that appears by default in your Chart of Accounts for every business. While this account cannot be deleted, you can personalize certain aspects, such as its name, code, and group placement.

Follow these steps to edit the Retained earnings account:

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Accessing the Retained Earnings Edit Form

1. Go to Settings.
2. Select Chart of Accounts.
3. Locate the Retained earnings account and click the Edit button next to it.

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Fields on the Edit Form

You will see the following fields:

• Name
  Enter the name of the account. The default is "Retained earnings." You may rename this to suit your organization's preferences.

• Code
  (Optional) Enter a code for this account, if desired, to fit your accounting or reporting structure.

• Group
  Select the group under which this account should appear on the Balance Sheet. The default group is Equity. You may select a different group as appropriate.

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Saving Changes

When you are finished making edits, click the Update button at the bottom of the form to save your changes.

Note:

• The Retained earnings account cannot be deleted from the Chart of Accounts.
• It is automatically included for every business in Manager.io.

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By following these steps, you can customize how the Retained earnings account is labeled and presented in your financial statements.