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Retained Earnings Account (Read 830 times)
Donna Cardenas
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Retained Earnings Account
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.
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Donna Cardenas
TechStrand Specialty Wire
Evo-ERP 1/22/10 SP1
Pervasive v10.10
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Lynn_Pantic
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evolution (n) -
gradual change to a
different form

Posts: 5663
Re: Retained Earnings Account
Reply #1 - 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.
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Lynn Pantic
IS Tech Support
lynn@istechsupport.com
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