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Year End BBF entry not balance

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Posted on by Community Member Microsoft Employee

We just discovered that when we did the 2011 FY Close for GL, the year-end closing entry (BBF) is off. The debit is 600000 and the credit is 800000 causing a difference of 200000. This difference is causing our balance sheet and trial balance for 2012 to be incorrect. The prior years from 2011 and on are all fine. It seems like the BBF entry made to the Retained Earnings is not correct where it may be missing a credit adjustment of the difference 200000. The Profit and Loss accounts are fine in terms of them being zero out in 2012. The culprit could be with the Retained Earnings.

What are my options at this point to fix this difference if 2012 is still open? It seems like I can fix this by posting a credit entry to the retained earnings account, but GP won’t allow this without a debit.

Please advise.

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Frank Hamelly | MVP... 4,029 Super User 2024 Season 2 on at

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Re: Year End BBF entry not balance

Jay, have you been able to pinpoint which account(s) didn't close properly? Do you have any BS accounts that have a posting type of P&L or vice versa?
Community Member Microsoft Employee on at

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Re: Year End BBF entry not balance

Any dividends or distributions are not automatically offset against retained earnings. There has to be a manual journal entry to close a dividend or distribution account. Just a thought.