how to clear retained earnings for one subsidiary?

AI generated answer (using internal Slack threads):

To clear retained earnings for one subsidiary, you would need to manually create a journal entry at the end of each period. This is because NetSuite automatically posts to a system-generated Retained Earnings account at each period end. Here are the steps to follow: 1. At the end of each period, NetSuite will automatically post to the system-generated Retained Earnings account. 2. You will need to create a manual journal entry to debit the system-generated Retained Earnings account and credit the user-created Retained Earnings account for the specific subsidiary. 3. This process will need to be repeated at the end of each period to ensure the Retained Earnings for each subsidiary are correctly accounted for. Please note that this process can be affected by backdated or edited historical transactions, which may require adjustments to the journal entries. Also, the system-generated Retained Earnings account will still show as the only Retained Earnings account unless you modify it to show both. It's also important to note that the balance sheet retained earnings is made up of two parts - net income (from the current year) and retained earnings from prior years. The net income section won't split out - no matter what you try, unless you add subsidiary as a grouping in the financial report row definition. ****** Disclaimer: This response was generated by an artificial intelligence assistant based on previous conversations from multiple Slack channels, and may contain inaccuracies or mistakes. ******