Question: If I have X number of companies in my general ledger? How do I ensure that I have the same number of retained earnings accounts?
Answer: If the Define Company check box is selected for an element in Ledger Maintenance and you define a single general ledger account as the default for the Retained Earnings general ledger category, the software requires you to have a general ledger account for each company you have defined with the same account number.
Example 10-7410-00 is set up as the default account for the Retained Earnings general ledger category, with 10 representing the company and 7410 representing the account number. You also have company values 20 and 30 defined, in addition to 10. You must create general ledger accounts 20-7410-00 and 30-7410-00 before you can post to the general ledger.