when a year end close is completed will the balance of that account reset to zero?

AI generated answer (using internal Slack threads):

When a year-end close is completed in NetSuite, the balance of the account does not reset to zero. Instead, the net income for the year is transferred to the Retained Earnings account. This is a system-calculated account that accumulates the net income from each fiscal year. In the context of multiple currencies and subsidiaries, the Retained Earnings account can be complex due to currency revaluations and intercompany transactions. However, NetSuite has built-in processes to handle these complexities during the period close process. It's important to note that Retained Earnings should not be manually adjusted through journal entries. This is because NetSuite automatically calculates it based on the net income. If there is a legal requirement to move the balance from Retained Earnings to a historical account, it should be done carefully to avoid affecting the consolidated FX rate of the period. ****** Disclaimer: This response was generated by an artificial intelligence assistant based on previous conversations from multiple Slack channels, and may contain inaccuracies or mistakes. ******