Retained Earning - closing balance and opening balance difference

(0) Share

Report

Posted on by Community Member

Hi!

I have an issue relating to retained earnings. I notice that closing balance of previous year is not the same as opening balance of current year.

Anyone experience the same? What are possible reasons. I had gone through some of articles on Year End however I don't see such scenarios are causing the real issue. Any suggestions? recommendations?

Thanks for your time.

*This post is locked for comments

I have the same question (0)

All responses (3)

Answers (0)

Suggested answer

Mahmoud Saadi 32,738 on at

Like (0)

Report
Copy link

Link copied!
In this case, you may need to go through few quality checks initially such as;

Ensuring that the total of your profit and loss account is equal to the retained earning amount added

Sometimes, not all the profit and loss accounts are added to the closing journal in RE, check that all profit and loss accounts are added.

Sometimes, few accounts has incorrect typical balance (profit and loss that should be balance sheet or visa versa). Check this reference: MS Dynamics GP retained earnings has the incorrect balance after closing the year – gl account has wrong posting type.

Further details in depth are provided at Microsoft Support article: Year-end closing procedures for General Ledger in Microsoft Dynamics GP

Your feedback is highly appreciated,

Was this reply helpful? Yes No
Community Member on at

Like (0)

Report
Copy link

Link copied!

HI Mahmoud,

Thanks for your posting. In fact I had already gone through year end stuff and also posting type, but looks everything is fine. Any other reason for the difference?

Regards,

Was this reply helpful? Yes No
soma 24,410 on at

Like (0)

Report
Copy link

Link copied!

Do you have the Year End Close report? If yes, check the below condition met.

The beginning balance of Retained earning account = Ending Balance of Retained earning account for closed year + Retained earning account balance from your Year End Close Report.

For your reference: Have a look on below link.

https://community.dynamics.com/gp/f/32/t/120483.aspx

Hope this helps!!!

Was this reply helpful? Yes No