1. Check Your Chart of Accounts Setup
When I get a call and the issue is about the retained earnings amount not being correct, first thing I check is the chart of accounts. Make sure your G/L cards are setup correctly. Check your Income/Balance field and make sure it’s showing the right account type.
2. Check your currency setup and adjustment history
If you are using multiple currencies or additional reporting currencies, make sure your currency is up to date and gains/losses are adjusted fully before the year-end.
3. Make sure your dimension option is correct on the Close Income Statements function screen
Close income statement will create journal entries with your dimension on if you choose to do so.
Hope this helped; happy year-end!
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