We started using Sage Cloud Accounting in Feb 2020. In order to bring in our opening balances from Dec 2019 I manually updated all the opening balances under the company menu. We used the system for the entire 2020 financial year. At the end of the year the loss accumulated in 2020 reflected in a system generated Retained Income account. Now, in Jan 2021 our balance sheet reflects two opening balances for Retained Income - the 2019 Retained Income (Opening Balance) and the 2020 Retained Income system generated account. How do we consolidate these two accounts so that my balance sheet only reflects 1 opening balance account for Retained Income? Should I not have entered the Retained Income account manually? Is there an adjustment I need to make? I'm unable to do a journal because I can't access the Retained Income system generated account. If anyone knows of a way that I can do this I'd freally appreciate the guidance. I've attached an example of the Jan 21 Balance sheet for reference.
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