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Retained Earnings Fiscal YE not Matching New Fiscal Year

  • 19 April 2023
  • 5 replies
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We just had our first year end on March 31/23.  The starting balance does not match my YE amount, even after allowing for;

  1. At year end, the ending balance in Retained Earnings + the ending balance in YTD Net Income = beginning balance for Retained Earnings for the next year.

The new FY is overstated by a significant amount.

Has anyone experienced this ?

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Best answer by andrewmurphy87 12 May 2023, 00:36

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Userlevel 7
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Hi @dwayne - Can you share with the community your solution? Thank you!

Hi any update to the solution. Thx

 

I had this exact issue. To Fix I ran the “Recalculate Account History” Process ScreenID GL509900. I first ran it on the last period of the previous year in my case 12-2022. I then ran it in the first period of the current year 01-2023.

At this point it was still out so I ran it again in 01-2023 then again in 12-2022. After this Retained earnings was back in balance. 

The best explanation I got here was that sometimes if a process in Acumatica has many steps a few can be missed throwing off the system calculated retained earnings amount. “Recalculate Account History” is a fail safe for the system to reference the GL history and “recalculate” any errors that might exist. Good Luck!

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I just came across the same issue at another client and this seemed to solve the issue.

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