Justin, If you make the Dividends Declared account a child account of Retained Earnings ,i.e a contra account in accounting terms, any dividend amounts will be automatically deducted from Retained Earnings as suggested on the following site. https://www.accountingcoach.com/blog/recording-dividend-payment. They also describe an alternative approach using an Expense: Divdends Declared to record the declaration and this is closed to Retained Earnings at EoY achieving the result you were after.
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