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If you want to carry forward the balance from one fiscal year to next fiscal year. Which account type you should use? |
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Answer» Retained Earnings Account are used to carry forward the balance from one fiscal year to next fiscal year. You can assign Retained Earning account to each Profit and loss account P&L account in the chart of accounts COA. To automatically carry forward the balance to next fiscal year you can define P&L statements as per COA and assign them to retained earning accounts. |
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