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Dynamics 365 Community / Forums / Microsoft Dynamics GP (Archived) / Retained Earnings Bala...
Microsoft Dynamics GP (Archived)

Retained Earnings Balance not brought forward...HELP!

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Posted on by NGilbert 850

I recently completed a year-end closing process which I assumed would close all of the P/L accounts to my retained earnings account and post the closing JE as of our YE date.

When I look as the account summary for our closed year, the ending RE balance does not contain the amount closed to it from the YE closing process.  However, the correct amount is included in the first period of my new fiscal year.  When I look at the account summary for my RE account beginning balance of the new year and drill down to the JE that makes up that beginning balance, I noticed the JE date is the last day from the year that was just closed. 

Why does this JE not affect the PY ending balance for my RE account?  Am I overlooking something in the YE close?

Please Help!

 

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  • NGilbert Profile Picture
    NGilbert 850 on at
    Re: Re: Re: Re: Retained Earnings Balance not brought forward...HELP!

    Thanks for you insight!

  • Victoria Yudin Profile Picture
    Victoria Yudin 22,766 on at
    Re: Re: Re: Retained Earnings Balance not brought forward...HELP!

    If you want the Retained Earnings line on your Balance Sheet report to include the P&L accounts, you just need to add those accounts to the RE line on your report.  Typically I see a separate line for Current Year Income (Loss), which you would not be able to show if the income/loss was already rolled into the RE balance. 

  • NGilbert Profile Picture
    NGilbert 850 on at
    Re: Re: Retained Earnings Balance not brought forward...HELP!

    Shouldn't the ending balance of Retained Earnings for 2009 include the net income?  I am having a problem when printing my 2009 Balance Sheet, because retained earnings does not include the 2009 net income.  This shows to be an issue when I print a comparison balance sheet and the PY retained earnings balance does not appear to "roll" into the new year, because updated retained earnings does not show until period one of the comparison balance sheet.

  • Victoria Yudin Profile Picture
    Victoria Yudin 22,766 on at
    Re: Retained Earnings Balance not brought forward...HELP!

    This may be just an issue of how GP is displaying things vs. how you're expecting to see them.  The prior year (let's call it 2009) balance will not show the year end closing entry for any accounts.  That way, if you print a trial balance for 2009 you will still see the individual balances for all the P&L accounts.  This allows you to print an accurate P&L for 2009.

    GP creates a 'Period 0' in the new year (2010) which will contain all the balances brought forward from the prior year for Balance Sheet accounts and the Retained Earnings changes.  This Period 0 is really not the first period of 2010, it's just somewhere in between 2009 and 2010 and represents all the year end closing entries.  If you print a trial balance for 2010 the beginning balance will correctly reflect the retained earnings amount from the prior year and all the P&L accounts will have a 0 beginning balance.

    Hope this helps.

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