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Dear Sir
While migrating new balances into the system for a entity. I migrated the Opening Balance for Retained Earning as OPB in GLJ. Now when i did the Year End Close. It also transfered the closing balance of Retained Earning as opening Balance in 2020 under Retained earning and not under Net Calc P&L.. Technically speaking it should have gone into Net P/L a/c.
Please advice is it because i created the opening balance in Retained Earning last year under Type OPB that it did not take that into consideration.. Rest all accounts went to Net P&L.
regards
PS
Hi PS,
The account to which the current profit/loss of the year is transferred to is the one that you setup in the automatic posting accounts and that defaults into the year end closing form.
This is usually a BS account.
Once the opening balance transfer is completed, you might need to do a manual transfer to any retained earnings accounts depending on how the profit is used.
Best regards,
Ludwig
Dear Ludwig
The automatic postings are all in place. My question is the retained Earnings should never have a opening balance since it gets transfered to Net P&L Account. So was i right to post it as OPB last year or should i have posted it as a regular GLJ or should have taken it under Net P&L a/c. There seem to be some issue the way D365 handles it.
So my question is should i ever post Retained Earnings when i acquire a company or should it be cosnidered under Net P&L balance at the time of posting Opening Balances.
My knowledge is that retained earnings always have an opening balance.
This is a balance sheet account and as long as your company is not in economic difficulties or distributes all profits immediately, the retained earnings account should always show some $ amounts.
What type is your retained earnings account?
you are right that there will be balances in the retained Earnings. But these balances get posted to Net P&L(28001 a/c) when you do fiscal close. For all the entity it does for this one entity it does not do.
Above is my screen shot of the A/C and the Year end screen where it is mentioned that the balances will be transfered to a/c 28001.
Ps
Hello praveens007,
Please double check the account you shared in your last post in this thread.
1st screenshot is showing Retained Earnings account "28001" which is used in Year end close run.
Whereas, the 2nd screen shot shows another Retained Earnings account as "28000".
Which one is correct?
Best regards,Sourav Dam
Kindly mark this thread 'Yes' if this is answered your query which may help other community members in this forum.
Hi Sourav
you are right thanks for pointing that out. In nature we have 2 Retained Earning A/C. Once should have been locked. Accidentaly the old balances were posted in 28000 instead of 280001 and hence we had this issue. Thanks a lot this has been resolved now.
Pravin
Thanks for the feedback.
Appreciate if you kindly mark the answer as 'Verified' which may be helpful for all community members.
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