Hi, looking for suggestions about hot to have retained earnings set to zero at the end of the year without having any effect at a consolidated level with multiple currencies and subsidiaries involved. Today I’ve been told that this is a known issues in NetSuite everyone is aware of but I don’t want to believe it. I’m sure someone found a way to close retained earnings at a consolidated level and not only at a Local level

retained earnings is a reference account meaning it derives from net income, i.e. it a calculated account. I have not see RE ever closed/closing. Can you clarify what you do to zero it out?

We just book a journal entry from retained earnings to retained earnings previous year. Otherwise, since as you said it’s a system account, how can we reset the current year P&L retained earnings?

RE should not be booked because NS calculates it for you.

Ok, how can you move into a “last year retained earnings” account what you have in the current year retained earnings? Maybe there is not a good way to do it

hm…. “last year RE” shows up by default if you select specific period. I am not sure what exactly is happening on this account but it does not seem to be right. Last chance - do you do period close JEs (as a setup menu option checked)?

Yes we do. I know that is weird request but in a country is mandatory to move from retained earnings to an historicized account. In an ideal life you just have to move to the right period to look at the historical data. But in this case is regulated by law so you need to have separated accounts.