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After we ran the GL year end close the Year End Closing Report does not balance. Also retained earnings are incoorect. I checked and all of the P&L accounts have a beginning balance of zero.
Has anyone run into this and how can I find what accounts are off and correct them?
Thanks
Ladd Sustar
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Hi Ladd. Yeah... the posting to history would have created an opening adjustment in 2008!!... I'll have to check what tables you need to clear, but what you say above is probably correct.
Is there a balance in 2008 on the new offset account you created? Is this your difference? Can you confirm that the TB for 2008 does not balance?
Best regards,
Ian Stewart
Ian,
I did as you suggested and this corrected my retained earnings account beginning balance but it also made the trial balance for 2008 off the the same amount. Does the entry for 2008 need to be removed also?
Ladd
Here's the text from my post on the Great Plains Google forum Ian -
Have you checked your GL Trial Balance for the new year to see if it
balances and the correct RE balance is reflected? If it does, maybe
there's a problem with the Year End Closing Report itself.
If your new GLTB doesn't balance the first thing I would do is start
comparing year end balances in the balance sheet accounts with opening
balances on the new GLTB to spot where the differences are. That might
lead you to the source of the issue.
Ladd, so you're saying that all other BS account balances are correct in your opening Trial Balance and all P&L opening balances are zero? If so, the first thing I'd try if you haven't yet is Reconcile your Financial Information (Tools>Utilities>Financial>Reconcile) and see if that fixes the issue. If that doesn't then I'd be tempted to do what Ian suggests or, and you'd want to test this thoroughly in a test company, go directly into GL10110 (Account Current Summary Master), GL10111 (Account Summary Master), and GL30000 (Account Transaction History) and make the required adjustments to the Retained Earnings account in Period 1 of your new year in each of those tables. Then run the Reconcile Utility again, print your GLTB and compare it to your ending GLTB from last year.
If this works, document the heck out of what you're doing in case there's a problem down the road. Also, I'd sure be interested in knowing why the close process did everything but update the Retained Earnings account. Did you happen to have a power failure or printer failure near the end of the close process?
Good luck,
Frank,
Yes I did.
I checked the TB balances and they all match except that retained earnings was off. We compared the ending balances for Dec to the beginning balances for Jan. All the BS accounts were correct except for retained earnings. The P&L accounts beginning balances were all zero for Jan.
I found a TK about making a one sided entry to retained earnings to fix it, which was also a recommendation above. This is the first time I have seen this come up. Usually when there is an issue like this it is because an account had the incorrect type. They checked all the accounts several times. So I am not sure what the issue is.
Ladd
Hi Ladd. Did you post the one sided journal?
Don't know why this happens, but I've seen a small number (3 or 4) year ends go like this. Perhaps someone in MS can throw some light on what causes this? It like the year end process gets interrupted.
Ian Stewart
This is what I ended up doing because we couldn't find anything wrong. All of the ending balances matched the beginning balances except for retained earnings.
Ladd
Hi Frank, any chance you could copy your post here? I looked for it but couldn't find it. I'm interested in others take on this issue. Best regards,
Ian Stewart
Ladd, you posted this over on the Great Plains forum also and I responded to it. Did you see my response and try looking at the GTLB balances pre-and post-close?
Best regards,
Hi, this can happen, unfortunately. You will have to post a single sided journal to the closed year. (check your settings to make sure that you can post to history first).
To post a single sided journal, you post a normal double entry journal, and then delete eithre the debit or credit (whichever one was not posted to the revenue reserves account).
Post again if you're not sure of anything in the above. This sorts out situations where a year end has had an issue and results in the worng revenue reserves figurebeing brought forward.
Ian Stewart
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