Solution Properties
Solution ID:
200116085635096
Last Modified Date:
Mon Feb 24 12:44:14 UTC 2025
Taxonomy Path:
Case category//How do I...//year-end
Author:
[email protected]
Year end preparation - Checking for a retained income account
Description

Only have one retained income account. This is a balance sheet account. When you run the year end assistant the value that shows as your profit moves to this account. If you don't have a balance sheet account with the retained income category you'll receive an error when running the year end.

 TIP: Use the setup assistant when creating a company as this ensures the creation of a retained income account. 

Cause
Resolution

 

 

  1. Click Edit then General Ledger.
  2. Click Accounts then the magnifying glass.
  3. Change Zoom Sequence to Description.
  4. Search for retained income.  

 NOTE: If you find more than one retained income account, you'll need to delete one of them. 

  1. If there's no retained income account, click the New Icon. Icon with green cross on a white background.
  2. Type in a new main account number.
  3. Type in the description Retained Income Account.
  4. Under Main Account select Balance Sheet.
  5. The financial category will be B15 Retained Income.
  6. Click Save.

 

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