Retained earnings figure changed

Deborah Soelaiman
Deborah Soelaiman Member Posts: 24
edited October 2019 in Accounts Hosted
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
    Acctd4 Accredited Partner Posts: 3,366 Reckon Accounts Hosted Expert Reckon Accounts Hosted Expert
    edited September 2019
    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) ?

    Shaz Hughes Dip(Fin) ACQ NSW, MICB

    *** Reckon Accredited Partner (AP) Bookkeeper - specialising EXCLUSIVELY in Reckon Accounts / Hosted ! ***

    * Regd BAS Agent (No: 92314 015)* ICB-Certified Bookkeeper* Snr Seasonal Tax Consultant since 2003 *

    Accounted 4 Bookkeeping Services

    Ballajura, WA

    shaz@accounted4.com.au

    https://accounted4.com.au

    (NB: Please give my post a Like or mark as Accepted Answer if I have been able to resolve your query as this helps others when seeking solutions!)
  • Andrea_10264847
    Andrea_10264847 Member Posts: 1
    edited October 2019
    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
    Acctd4 Accredited Partner Posts: 3,366 Reckon Accounts Hosted Expert Reckon Accounts Hosted Expert
    edited October 2019

    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

       


    Shaz Hughes Dip(Fin) ACQ NSW, MICB

    *** Reckon Accredited Partner (AP) Bookkeeper - specialising EXCLUSIVELY in Reckon Accounts / Hosted ! ***

    * Regd BAS Agent (No: 92314 015)* ICB-Certified Bookkeeper* Snr Seasonal Tax Consultant since 2003 *

    Accounted 4 Bookkeeping Services

    Ballajura, WA

    shaz@accounted4.com.au

    https://accounted4.com.au

    (NB: Please give my post a Like or mark as Accepted Answer if I have been able to resolve your query as this helps others when seeking solutions!)