Query on Retained earnings
Retained Earning adjustments in Secondary Ledger
I have gone through this doc id Oracle General Ledger Year End Closing Process (Doc ID 66532.1).
The doc id says "when you open the first period of new year, the gloire process in the Open/Close program completes the transfer of all Revenue and Expense actual balances to Retained Earnings account and sets the beginning balance of Revenue and Expense accounts to zero for the first period of new year".
We are using Fiscal Calendar (01-Oct-2022 to 30-Sep-2023) for Primary Ledger and a Secondary Ledger which has Calendar year (01-Jan-2023 to 31-Dec-2023). The Secondary Ledger was created for two entities which uses Calendar year for accounting. The transactions for those two entities will be created in Primary Ledger and the accounting entries will be transferred to Secondary Ledger. My question is..