Retained Earnings issue?
Hello,
I have an LLC for tracking profit, loss, accounts. I don't use invoices. Every income is posted as a 'Sales without Invoices'. At the end of a monthly period I take Owner Drawings.
My issue is with the Balance Sheet report. Suppose for 2019 there is a Current Year Earnings of $10,000 and Owner Drawings of $10,000. My Retained Earnings is displayed in the subsequent year's (2020) report as though there was no Owner Drawing. The Retained Earning for 2020 always displays $10,000. Shouldn't it be zero? Is there a way I can effect the Retained Earning automatically to be zero? Am I missing something or is this normal behaviour for accounting?
Screenshot attached.
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