Define Retained Earnings Account
Significance: Retained Earnings account defines the (P&L Account) to be sued for posting the expenditure and incomes of the year. The balance of this account appears as Reserves & Surplus in the Balance Sheet for the year.
T-Code: OB53
Path: SPRO>IMG>Financial Accounting>GL Accounting>GL Accounts>Master Records>Preparations>Define Retained Earnings Account
The following steps have to be followed:
Enter the Chart of Accounts.
Input ‘X’ for P&L Statement and choose a GL Number from among the range specified in the ‘Reserves & Surplus account’.
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