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.

If a license is created with an imported Chart of Accounts that includes a Current Earnings Account, or the Current Earnings account is created directly from the General Ledger, the notification disappears from the Home page.

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.

The General Ledger Chart Create a new GL Account Create a GL Account for a bank account or credit card Duplicate a GL Account Edit a GL Account Delete a GL Account Deactivate a GL Account GL Account Enquiry The General Ledger Layout - Profit and Loss and Balance Sheet Exporting from the General Ledger Importing within the General Ledger Retained Earning GL Account Code Set up of Current Earnings GL Account Close Off the Financial Year

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