Posted Thu, 30 Jun 2016 01:46:23 GMT by Max Edelman

Hi all,

 

Quick question.  We just started working on M3 and when we make the closing entry to retained earnings for prior years, I no longer can run yearly financials because all of the income accounts are now zero.  Is there a better way to close out previous years that I am missing?

 

Thank you for your time,

Max

Posted Fri, 01 Jul 2016 00:52:08 GMT by Ann Sheaffer

Did you post the offset to retained earnings to the individual Income and Expense accounts?  If so that could be causing the issue.   We created a specific expense account that we use to post the offset to the retained earnings.   Our account is called retained earnings offset.  We use the account number 9999999 and  do not include this account in our financial statements.

Posted Fri, 01 Jul 2016 22:15:49 GMT by Max Edelman

Thank you.  That was it.  We did not use a stat offset account.  Thank you for your time and have a Happy 4th.

 

Posted Tue, 26 Nov 2019 00:59:16 GMT by Leslie Jones

Can you tell me some more info on this? I setup my data base and did a single entry to record 2018.  In 2019 I have been doing Net change entries but my Balance sheet is out of balance the running amount for retained earnings. Can you tell me the entry you did to make this work? I have the offset account 9999999... Did you post to your P&L accounts to zero them? Or did you post the Net to the 9999999. account and then which account did you post the offset?

 

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