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Evo-ERP and DBA Classic >> Accounting >> Retained Earnings Account
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Message started by Donna Cardenas on 09/17/10 at 10:47:46

Title: Retained Earnings Account
Post by Donna Cardenas on 09/17/10 at 10:47:46

does anyone know how to correct the balance on the retained earnings account? this problem goes back several years, probably when we first set up the software.

Title: Re: Retained Earnings Account
Post by Lynn_Pantic on 09/19/10 at 05:58:02

It depends on what the problem is. Retained Earnings normally has a beginning balance and after that is simply calculated from the net of income and expense accounts when year end routine (AM-B) is run and updated if transactions to income or expense accounts are backdated to a prior year. If both the balance sheet and trial balance are out of balance and you know the difference belongs in Retained Earnings then you can use UT-A, program EDITGL and create a one sided entry, then UT-K-D and recalculate the account.