GL Year End Closing #2

After we ran the GL year end close the Year End Closing Report does not 
balance. Also the retained earnings amount is incorrect. 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?


-- 
Ladd Sustar
0
LaddSustar (16)
2/18/2009 5:36:05 PM
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Ladd,

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.

Frank Hamelly
MCP-GP, MCT, MVP
East Coast Dynamics
www.eastcoast-dynamics.com
blog: www.gp2themax.blogspot.com


0
fhamelly1 (1404)
2/18/2009 6:34:15 PM
Hi Frank,
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. 
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
-- 
Ladd Sustar


"Frank Hamelly, MCP-GP, MCT, MVP" wrote:

> Ladd,
> 
> 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.
> 
> Frank Hamelly
> MCP-GP, MCT, MVP
> East Coast Dynamics
> www.eastcoast-dynamics.com
> blog: www.gp2themax.blogspot.com
> 
> 
> 
0
LaddSustar (16)
2/19/2009 9:18:02 PM
Reply:

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