Under Equity it says Retained Earnings, as I am a sole trader and don't have any Shareholders or pay dividends do I need to have this showing on my account ?
If not how do I remove it as its confusing to me as to why its there and what it means.
Hello Maureen,
With standard accounting treatment, 'Retained Earnings' applies to sole
trader businesses as well as companies, so I would recommend you keep it
there.
