how can retained earnings be cleared for historical years for a specific subsidiary?

AI generated answer (using internal Slack threads):

In NetSuite, Retained Earnings is a system-generated account that is calculated automatically. It is derived from the net income and is not meant to be manually adjusted. However, in certain cases, such as for non-profit organizations or due to specific legal requirements, there might be a need to have multiple Retained Earnings accounts or to clear Retained Earnings for historical years for a specific subsidiary. Here are the steps you can follow to clear Retained Earnings for historical years for a specific subsidiary: 1. At the end of each period, 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. This will effectively move the Retained Earnings from the system-generated account to the user-created account. 2. Be aware that any changes to transactions in closed periods will affect the Retained Earnings balance. Therefore, you will need to adjust the Retained Earnings every time transactions in closed periods are posted or changed. 3. For viewing purposes, you can add Subsidiary as a grouping in the Financial Report Row Definition. This will allow you to see the Retained Earnings amount when you filter for the specific subsidiary. Please note that this process can be complex and may require careful management to ensure accuracy. It's also important to note that this approach might not be suitable for all organizations and it's recommended to consult with a NetSuite professional or a financial advisor to ensure that this approach meets your organization's needs. ****** Disclaimer: This response was generated by an artificial intelligence assistant based on previous conversations from multiple Slack channels, and may contain inaccuracies or mistakes. ******