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RETINC

Understanding  RETINC

(Retained Income / (Accumulated Loss))

What is RETINC?

RETINC (Retained Income / (Accumulated Loss)) – is a pseudonym given for the calculation of the monthly profit or loss.

How is it calculated?

The total each month is derived by summing the income statement accounts for that period.  

Where is it used?

This total is then used in the balance sheet, under the Equity section, to bring through the current year profit or loss and to enable the balance sheet to balance.