when entering historical trial balance journal entry data into NetSuite, how can you override the Retained Earnings journal entry?

AI generated answer (using internal Slack threads):

In NetSuite, Retained Earnings is a system account that is calculated automatically. It is not recommended to manually adjust this account as it can lead to discrepancies and inaccuracies in your financial reports. However, in some cases, such as when it is required by law to move from retained earnings to a historic account, you may need to make manual adjustments. To override the Retained Earnings journal entry, you can create a journal entry to move the balance from the Retained Earnings account to another account. This can be done by debiting the Retained Earnings account and crediting the historic account, or vice versa, depending on your needs. However, it's important to note that this action can affect the consolidated foreign exchange rate of the period, resulting in a non-zero value at a consolidated level. Therefore, it's crucial to carefully consider the implications of this action and consult with a financial advisor or accountant before proceeding. Also, if you're dealing with subsidiaries that have different fiscal year-ends, you might want to consider using the Multiple Calendars feature in NetSuite. This feature allows you to assign different year-ends to subsidiaries, which can help resolve issues with Retained Earnings not closing out correctly. ****** Disclaimer: This response was generated by an artificial intelligence assistant based on previous conversations from multiple Slack channels, and may contain inaccuracies or mistakes. ******