Hello Everybody. My company recently acquired a smaller company and we would like to add their retained earnings (cash, equipment, inventory, investments etc) into our existing company DB. How do we go about making an entry/posting entry to our retained earning? Thank you!
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Thank you for the help all!
Hi,
On the account maintenance window there is a tick for Allow Account Entry.
Mark this option if you want to allow users to manually enter this account in transaction or distribution entry windows.
How do we go about setting 'Allow Account Entry' to true? I believe this is what is causing us to not be able to make the changes needed. Thanks.
If you wanted to book each transactions with details on it would suggest the following.
1) Financial - Bank Deposit - Debit Cash Credit Retained Earnings
2) Equipment - If you have fixed asset module you can use the same or book as journal Debit Fixed Asset & Credit Retained Earnings
3) Inventory - if you bringing in the inventory to your stock please create all the Inventory item with cost on it and book Inventory transaction entry so the Inventory should get debit and credit again you change to Retained Earnings.
4) Investment you can book as general journal with details on it.
If you wanted to book all the transactions through General Journal please use excel paste which is is easy to use on GP 2013. If you are on older version still you can get this standard financial excel paste free from Dynamics Innovation.
Retained earnings is just another account in GP; you might have Allow Account Entry set to false in which case you will need to enable it. After that it is a case of using IM to import the journal or to manually enter; the best option depends on the number of lines.
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