Drake Accounting®: Can I change the retained earnings account that is being used in the COA?
The Chart of Accounts Templates have a retained earnings account set by default. However, you can change it or create a new account if you are using your own Chart of Accounts.
You will not be able to post transactions until there is a retained earnings account set up within the Chart of Accounts.
Select a Different Retained Earnings Account
Select the account to be designated as the Retained Earnings Account. Only accounts with an Account Type of Capital may be designated as the Retained Earnings Account. To assign the account as a Retained Earnings Account:
- Double-click on the desired account.
- Select Retained Earnings from the Sub Type drop list.
- Click Save once you are finished.
Create a Retained Earnings Account
- Enter an Account Number.
- Create a name.
- Choose Capital as a type.
- Select Retained Earning for a Sub Type.
- Choose Postable Account for the level.
- Fill out the rest of the screen if applicable.
- Click Save once you are finished.
Do not change this information once transactions have been entered in Accounting > Transactions > Unposted.