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Retained earnings figure changed

Deborah Soelaiman

Hi,

I have problem with the Balance Sheet figures. The bank and retained earnings figures for prior years suddenly changed even though I have locked the period. The bank figure now does not match the bank reconciliation statement. I had the exactly same problem last year. From my memory, I need to do the "Rebuild data" and it fixed the problem. But it takes long time, maybe 8 hours in total. Is there any way faster to fix the problem? I am using Reckon Accounts Hosted.

Thanks.

Comments

Acctd4

Hi Deborah

The retained earnings will update automatically on 1st July based on the net income as at the day before (30th June) each year.
Bank account balance(s) variations are usually the result of additional transactions. Can you identify what the discrepancy is (made up of) ?

Andrea_10264847

Hi Deborah
I had an amount in payroll liabilities for a company contribution to be paid at the end of July. Would this have automatically moved to retained earnings at the end of the financial year. And, how do I get it out?

Acctd4

Hi Andrea

No, only the Net Income - from the P&L - automatically transfers to Retained Earnings at year end.

If you can no longer see that liability amount (from pre-EOFY) anymore after EOFY, check your report:

Dates &
Basis (eg Cash v Accrual)

Shaz Hughes Dip(Fin) ACQ NSW, MICB
Reckon Accredited Professional Partner Bookkeeper / Registered BAS Agent (No: 92314 015)
(Specialising EXCLUSIVELY in Reckon Accounts / Reckon Accounts Hosted)
Accounted 4 Bookkeeping Services
Ballajura, WA
0422 886 003
shazinoz2@bigpond.com
www.accounted4bs.com

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