How to calculate inception-to-date retained earnings?
On a custom report, I need to provide:
the retained earnings amount at the beginning of the year
YTD net income/loss
ITD retained earnings
There is no problem with the first 2 amounts. However, I am struggling with the calculation for the ITD retained earnings. I can total Period 1 through Period 14 for all the income and expense accounts to calculate the YTD net income/loss. It matches the total on the simple income statement. It would seem that the the ITD retained earnings could be calculated by adding the Prior Year Balance Forward to the Period 1 through Period 14 income and expense accounts. However, it is not calculating the same total as taking the Balance Forward Amount for retained earnings and adding