Current Year Earnings Reverse Adjustment
I would like to reverse the amount of Current Year Earnings as it's a negative amount but it should be in a positive amount. Kindly see attachment below and please check on the Opening Balance amount...
Forum Discussion
Hi PSK
I understand you're looking to reverse the amount of current-year earnings from a negative to a positive value. As far as I know, the current year's earnings amount can't be adjusted using journal entries. If you need to adjust your current-year earnings account, you'll need to post to an income or expense account. However, it's important to note that making adjustments can be complex and may have tax implications. Please consult with your accountant to ensure you're making the correct adjustments. For more information, please check out this Help article: Enter end-of-year adjustments.
Feel free to get in touch if you need more help.
Cheers,
Princess
