Hi, I have just run balance transfer, transferring 2022 Closing balance to 2023. But for some reason, the closing balance of one GL account ( retained earnings account) has not transferred correctly. Any ideas out there. Thank you.
Hello - the retained earnings account opening balance will typically equal the closing balance from prior year plus the net income profit/loss from prior year. Opening balance of retained earnings account should be different than closing balance of prior year unless net income was $0 in prior year.
Now if you’re saying that the opening balance does not equal what you expected (i.e. closing balance plus net income/loss) then would need more details
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Hi Andre,
That is spot on. Thank you.