Hello Experts
I haven't defined retained earning accounts. However, I have done setting one setting. I have ticked "P&L Type" but kept GL account field as an empty field.
Please refer screenshot.
I am able to create GL accounts and I am able to posting accounting entries. Since I am able to post everything, what is the impact of NOT defining retained earning account. One impact could be that carryforward of balances will not happen. However what are the other issues of NOT defining retained earning account
Please let me know the impact.
-Deepak