I know Retained earnings account is defined as part of configuration settings and is used to carry forward the Banalnce of P&L accounts to next year. Can anyone explain how the entries are posted to Retained earnings account ? I mean at year end do we process Entries to this account or do we run a program at year end which will automatically carry forward the balances to next year ?
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Yes, you have to carry out program FAGLGVTR to carry forward P&L balance to Retained Earning GL Account.