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Dynamics 365 Community / Forums / Microsoft Dynamics GP (Archived) / Retained earnings acco...
Microsoft Dynamics GP (Archived)

Retained earnings account is not a balance sheet account

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Posted on by Community Member

I have opned up a closed year Financial and tried to 'Print" the batch before posting it, get the error

"12/31/2016        01-2567-00         SALES Misc                                              $157.00
Retained earnings account is not a balance sheet account"

The account number and Description that is right above this message is not even part of my transaction but the Date and Amount is correct which I entered for a different account number. The GL Setup does have this Account Number under "Retained Earnings" and the checkbox for "Close to Divisional Account Segments" is NOT checked.

WHat's the reason it is showing incorreect number and the error message?

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I have the same question (0)
  • Community Member Profile Picture
    Community Member on at

    In the edit list (Print), there are several lines that have the same issue, the data and amount is correct but the Reference and Account Numbers have '01-2567-00' instead of an actual and unique account number.

  • Community Member Profile Picture
    Community Member on at

    I really need help  resolviong this issue...

  • Richard Wheeler Profile Picture
    Richard Wheeler 75,850 Moderator on at

    I am not sure what has happened.  How did you did open a closed year? Which year was it? What years are currently historical years? Are you saying you reversed an historical year and are now trying to post a ledger batch into that year?

  • Community Member Profile Picture
    Community Member on at

    Year 2016 was closed and historical year.

    Microsoft Dynamics GP, point to Tools, point to Routines, point to Financial and click Year-End Closing.

    In the Year-End Closing window, click on the Reverse Historical Year button at the bottom.

    Click Process to reopen the last closed historical year as shown in the Year to Open field.  

    Yes, I have reversed an historical year and are now trying to post a ledger batch into that year

  • Verified answer
    Richard Wheeler Profile Picture
    Richard Wheeler 75,850 Moderator on at

    Are 2017 and 2018 closed? Is 01-2567-00 your retained earning account? If it is that is wrong. That is a profit and loss account. You need to set the retained earnings account to a balance sheet account. If you go to Cards->Financial->Accounts what is your Retained Earnings account?

  • Community Member Profile Picture
    Community Member on at

    2017 and 2018 are not closed, and 01-2567-00 is my retained earning account.

    Why is my transaction not showing the account that I entered but instead showing the 'Retained Earning Account'?

    How do I fix it?

  • Richard Wheeler Profile Picture
    Richard Wheeler 75,850 Moderator on at

    So 2017 and 2018 are closed while 2016 is now open. I am surprised that GP even allows that. Why did you open 2016? Are you trying to post into a year 3 years behind? The Reverse Historical Year will default to the most recent closed year so how did you get it to go back to 2016? Is it too late to restore from backup? What you are describing is how GP works when trying to post into an historical year. It will automatically roll the transactions into the open year.

  • Community Member Profile Picture
    Community Member on at

    Richard, I mentioned above that 2017and 2018 NOT Closed, only 2016 was closed and I needed to re-open it to poast a batch with one JE transaction

  • Richard Wheeler Profile Picture
    Richard Wheeler 75,850 Moderator on at

    Why do you have to reopen 2016 to post a transaction? Posting to a prior year is fine. GP will simply roll the transaction forward. So it sounds like even though you have reopened 2016 GP is behaving as if it is closed. If you go to Tools->Setup->Company->Fiscal Periods is 2016 no longer marked as historical? Under GL setup what is the retained earnings account? Is that account a balance sheet account?

  • Community Member Profile Picture
    Community Member on at

    I changed the Retained Earmning Account to correct account and the error disappeared.  

    I have another question but since you have answered my post, I will close this post and open up a new one.  Thank you for your help

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