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Insure that Current Earnings to Retained Earnings system generated entries at Y/E are only generated to 'allowed' Retained Earnings SubAccounts.

Presently Current Earning are generated  (based on net of P&L postings) at the SubAccount Level.  At Y/E when Current Earnings flow to Retained Earnings (for Period 1 of next Fiscal Year )  the entries are also generated at the SubAccount level even when the SubAccount entries generated should not be allowed  due to  GL Restriction settings in place for the Retained Earnings Account..  The end-users then have to enter a set of 'reversing' entries to allocate the incorrect subaccount entries to the correct Retained Earnings Subaccount. 

  • Guest
  • Feb 5 2016
  • Future consideration
  • Attach files
  • Rick Baccari commented
    January 11, 2019 20:17

    The retained earnings account should respect to "use default sub" setting.  Most companies put all Balance Sheet accounts to one subaccount.  Having separate retained earnings by subaccount is really useless information for 99% of users.

    Net income for period should also respect the "use default sub.

  • Guest commented
    July 04, 2017 18:35

    Hi Olga: the situation where the company has only one Retained Earnings Account/SubAccount this solution would work well.
    Thank you,
    Nonny Beckerman \ Senior Consultant \ EVRON Computer Systems Corp.\ 5 Denison St., Markham ON, L3R 1B5 \Phone: 905-477-0444 x215 \ Fax: 905-477-2814 \ Skype: nonnybeckerman

  • Olga Anisimovich (Product Manager Financials Team) commented
    June 08, 2017 15:51

    We are considering adding an option to accumulate net and retained earnings to one dedicated subaccount. Hope this would solve the issue.