Retained earnings figure changed

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  • Updated 2 months ago
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.
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Deborah Soelaiman

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Posted 1 year ago

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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) ?
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Andrea

  • 60 Points
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?


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