Set up of Current Earnings GL Account
The Current Earnings GL Account is used to inform the Current Earnings in the Shareholders Funds on the Balance Sheet. It is the total of all Income and Expense accounts at a given date in a financial year.
When setting up Infusion for the first time, a Current Earnings GL Account must be created.
A notification displays on the Home page to create this account. Select to complete.
The new GL Account window opens.
- The Account Name is pre-populated and can be edited if required.
- Function is set to Equity - Current Earnings. Only one GL Account can be set to this function and it is a non-editable field.
- The Default GST Rate is set to zero as the account is not applicable for GST.
Update the Account ID and Save.
Current Earnings Account Enquiry
The Current Earnings GL Account is a totalling account only and as such there is no activity or balances recorded against it.