Retained earnings figure changed

Deborah SoelaimanDeborah Soelaiman Member Posts: 25
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

  • Acctd4Acctd4 Accredited Partner Posts: 842 ✭✭✭
    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 * Regd BAS Agent (No: 92314 015) *

    ICB-Certified Bookkeeper * Seasonal Tax Consultant since 2003

    Accounted 4 Bookkeeping Services

    Ballajura, WA

    0422 886 003

    [email protected]

    https://www.accounted4bs.com/

  • AndreaAndrea 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?


  • Acctd4Acctd4 Accredited Partner Posts: 842 ✭✭✭
    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

      [email protected]

      www.accounted4bs.com

       


    Shaz Hughes Dip(Fin) ACQ NSW, MICB

    Reckon Accredited Partner (AP) Bookkeeper * Regd BAS Agent (No: 92314 015) *

    ICB-Certified Bookkeeper * Seasonal Tax Consultant since 2003

    Accounted 4 Bookkeeping Services

    Ballajura, WA

    0422 886 003

    [email protected]

    https://www.accounted4bs.com/

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