Adjusting Retained Earnings

The Year End Close function posts earnings (revenue less expenses) to the retained earnings chart. GlobalWare also enables you to adjust retained earnings after you have closed the year so you can make final adjustments after you have closed the year to regular processing of invoices, checks, receipts, and so forth.

Adjusting retained earnings finds the total of all charts from 4000 to 9998, posts that amount to the retained earnings chart (defined in System Control, usually 3011) balance, and zeros out the balance in the 4000 – 9998 charts. Only the balances are updated (a journal entry is not created).

To adjust the retained earnings after year-end close, on the Chart of Accounts screen, press Shift+F5.

Note: To access the Chart of Accounts screen, see Chart of Accounts Overview.

A message appears that asks you to confirm recalculations for the past two years. You are notified of any changes.