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Evo-ERP and DBA Classic >> Accounting >> Fiscal Year End / Retained Earnings
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Message started by kerric on 11/22/05 at 08:56:35

Title: Fiscal Year End / Retained Earnings
Post by kerric on 11/22/05 at 08:56:35

Hello. When I ran my FYE routine, it closed my YE entries into retained earnings. Not a problem. There is a one-sided entry throwing my Balance sheet off for which I can find no matching entry (make sense?)

I'd like to remove it in Maintain Database, but do not find the correct code for that.

What would be the correct way to fix this. It doesn't have a corresponding transaction that I can find anywhere.

Thank you.

Title: Re: Fiscal Year End / Retained Earnings
Post by wildco on 11/23/05 at 08:37:45

I believe that when you close out the fiscal year, you have to use GL-F to print the bal sheet first before GL-N print custom statements.

Title: Re: Fiscal Year End / Retained Earnings
Post by kerric on 12/01/05 at 06:29:57

Thanks for answering, Wildco. I'm not having trouble printing my balance sheet. The balance sheet just doesn't balance.

I found the item which is throwing it out of whack (see original post), but I still need to know how to correctly remove it.

Can anyone help?

Title: Re: Fiscal Year End / Retained Earnings
Post by Lynn Pantic on 12/01/05 at 06:44:28

What journal type is it, and is it to a Balance Sheet account or to an income/expense account?

Title: Re: Fiscal Year End / Retained Earnings
Post by kerric on 12/01/05 at 06:50:36

It is a YE journal type. It is the Retained Earnings Account.

Title: Re: Fiscal Year End / Retained Earnings
Post by Lynn Pantic on 12/01/05 at 07:12:08

UT-A, program GLEREDO will recalculate all the YE entries.

Title: Re: Fiscal Year End / Retained Earnings
Post by kerric on 12/01/05 at 07:17:06

Lynn: Also; it is a bit peculiar. When I look at the Balance Sheet, it is out of balance by the amount of $2480 in this way:

Retained Earnings 355718.72
Current Earnings 171847.85

On the GL for Retained earnings the beg. bal. is 358198.72 and the Net Trx is 169367.85.

The beg balance appears correct and the net trx is understated by $2480: which reflects the $2480 out of balance transactionand theThere is an actual entry.

I want to be very careful fixing this. Thank you.

Title: Re: Fiscal Year End / Retained Earnings
Post by kerric on 12/01/05 at 12:25:45

Thank you Lynn. I've never used UT-A before, it says it deletes all the GL TRX - that kind of scares me. Will I still have history?

Title: Re: Fiscal Year End / Retained Earnings
Post by Lynn Pantic on 12/01/05 at 13:16:03

The only thing it deletes are the YE entries and then it recalculates and creates replacements. You won't lose anything.