Thread Rating:
  • 1 Vote(s) - 5 Average
  • 1
  • 2
  • 3
  • 4
  • 5
[SOLVED] Acct. 3500 Retained Earnings - Amount, but no transactions
08-03-2016, 01:46 PM, (This post was last modified: 08-05-2016, 08:36 AM by MacPhotoBiker.)
#1
[SOLVED] Acct. 3500 Retained Earnings - Amount, but no transactions
Hi,

when I run my trial balance for the current fiscal year, there's a significant amount shown under "3500 Retained Earnings".

However, when I do a GL Account Inquiry (even for ALL periods), there's no single transaction, and the amount displayed is zero.

Frankly, I'm not even sure why there would be any amount at all...

How could I verify the amount, or at least get it back to zero?

(Just in case: I'm running 4.13, upgraded yesterday from 4.12.3)

Thank you very much for any help!
MacPhotoBiker
Just Core Business Inc.
[url]http://www.justcorebusiness.com[/url]
Reply
08-03-2016, 05:06 PM,
#2
RE: Acct. 3500 Retained Earnings - Amount, but no transactions
Hi Gert,

What you see in the retained earnings account is the total Profit/Loss up to but not including the period on which you are reporting. So is you are running a TB from January 2016 to August 2016 you are seeing the accumulated Profit/Loss up to and including December 2015.

Most systems have a year end routine that physically transfers this value into the retained earnings account, but webERP just does it "on the fly" as you report. I did a script a few years ago that performed a reconciliation for the retained earnings account, but I am not sure it ever made it into webERP. I can hunt it out for you if you like.

I think this is explained somewhere in the manual but I haven't time to look right now,

Tim
Reply
08-05-2016, 08:36 AM,
#3
RE: Acct. 3500 Retained Earnings - Amount, but no transactions
Hi Tim,

thank you very much for your explanation, that's been very helpful!

Never mind about looking for the script you mentioned, right now I just wanted to understand how it works. I was expecting some transactions, but I can see now why there are none.

I'm using (and loving Smile ) webERP since about 3 years, but to be honest, the first two years I just posted the bare minimum (purchases and invoices). Only since the current fiscal year (ending in August) have I started to really post everything (e. g. all expenses, bank transactions etc.), so the (accumulated) amount in Retained Earnings is way too high anyway.

I'll just go back month after month, adding all missing postings, and Retained Earnings will provide me some plausibility check if I'm getting closer to the truth Smile

Again, thank you very much for your help, I truly appreciate that.

Gert
MacPhotoBiker
Just Core Business Inc.
[url]http://www.justcorebusiness.com[/url]
Reply


Forum Jump:


Users browsing this thread: 1 Guest(s)