Retained Earnings


S

Sar

Hi,

I am trying to enter the opening balance from retained earnings from
previous year but office accounting express does not allow opening balances
for retained earnings.

Is there a way to enter the opening balance with some kind of journal entry?
 
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D

DL

If you completed the previous year finalised it to start a new year there
are no manual b/fwd entries required
 
S

Sar

My accountant prepared all the numbers in previous years but now i am doing
my own accounting and i wanna make sure retained earnings reflect all
previous years.
 
M

Macy

Sar, I have never used express, Are you entering your opening balances
as of the last day of the prior year? If in the prior year and you
still can't enter RE, enter the prior year RE balance as income and
MOA will close it to RE.

Macy
 
S

Sar

Macy,

Thanks for your reply.

I managed to enter the opening balance by creating a journal entry against
"opening balance offset" account and retained earnings account and it
generates correct financial statements for previous years.

Sar
 
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M

Macy

Sar, I misread your question to mean you could not post a JE to your
RE account.

Good job, you did it exactly right.
Macy
 

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