Posting to Retained Earnings after Year is Closed

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NOTES

1. If an income or expense account should be posted to for a prior year, it is not necessary to post directly to the Retained Earnings account. Make the entry to the correct Income/Expense account and when it posts, the system will update YTD Net Income and Retained Earnings correctly. See Resolution 3170.
2. If a change needs to be made to the Retained Earnings account directly, as in the case of a company change of ownership, the Retained Earnings account can be posted to directly for the current or prior year. See Resolution 4352. 

RESOLUTION

Resolution 3170 - Create a General Ledger Journal Transaction (01.010.00) entry which posts to an income or expense account using the prior fiscal year.

Note - When a prior fiscal period and/or year is used in GL Journal Transactions and the batch is posted, Dynamics SL automatically updates the YTD Net Income and Retained Earnings accounts for that period/year. Beginning balances are also updated correctly. DO NOT POST directly to the YTD Income Account.

Correction Steps
1. Access Journal Transactions and create a batch, setting the Period field to the correct prior period/year.
2. Release the batch and run Post Transactions (01.520.00).
3. Run financial reports for that period/year and the current period/year to verify the correct balances have been updated.

Resolution 4352 - Create a General Ledger Journal Transactions (01.010.00) entry which will post directly to the Retained Earnings account.

Correction Steps
1. Access Journal Transactions (01.010.00) and create a transaction with one side posting directly to the Retained Earnings account and whatever subaccount is accurate.
2. Release the batch and run Post Transactions (01.520.00).


This article was TechKnowledge Document ID: 73982

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Article ID: 866388 - Last Review: August 29, 2012 - Revision: 2.2
Applies to
  • Microsoft Dynamics SL 2011
  • Microsoft Dynamics SL 2011 Service Pack 1
  • Microsoft Dynamics SL 6.5
  • Microsoft Dynamics SL 6.5 Service Pack 3
  • Microsoft Dynamics SL 7.0
  • Microsoft Dynamics SL 7.0 Service Pack 2
  • Microsoft Dynamics SL 7.0 Service Pack 3
  • Microsoft Dynamics SL 7.0 Service Pack 4
Keywords: 
kbmbsmigrate KB866388

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