End of Year Adjustment Journal Entry
The end of the year adjustment journal entry is an AccountEdge internal transaction that takes place automatically during the Start a New Fiscal Year process (and is created by AccountEdge). The transaction transfers the balance of the Current Year Earnings account to the Retained Earnings account.
Note: The balance of your Current Year Earnings account is calculated automatically, as you record sales and other business transactions that affect your income and expense accounts. It is the net result of income minus expenses. You cannot post to this account. It is for holding this calculation, only.