how to set up income (loss) account for non-controlling interest

AI generated answer (using internal Slack threads):

To set up an income (loss) account for non-controlling interest, you would typically follow these steps: 1. Navigate to the Chart of Accounts under Lists > Accounting > Accounts > New. 2. Select the Account Type as "Income". 3. Enter the Account Name and Number. 4. Under the "Subsidiary" section, select the specific subsidiary for which you want to set up the account. 5. Save the changes. However, it's important to note that NetSuite does not allow you to set a specific Retained Earnings account per subsidiary. NetSuite will always roll it up to the same place, then you can journal between retained earnings accounts. For creating a Contra Revenue account (an Income account with a normal debit balance instead of a normal credit balance), you would simply use it that way. There's no specific setup for a Contra Revenue account in NetSuite. You would create an Income account and then post debit entries to it. ****** Disclaimer: This response was generated by an artificial intelligence assistant based on previous conversations from multiple Slack channels, and may contain inaccuracies or mistakes. ******