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Dana Sickler

Current Earnings Account - " Equity Doesn't Close" did not zero out at the end of 2023

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A "Current Earnings" account did not zero out at the end of 2023.  The other six current earnings account did.  It is causing my "Beginning Equity" account to be off.  I ran an integrity check and it did not clear it out.  Where should I go from here?  I can't finish my year end tax reports until I get this fixed!

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    verified answer

    Hi Dana,

    If the account type is "Equity- doesn't close" this account type would not close out to retained earnings at the end of the year.  If this account should be of the type "Equity-gets closed" you can change the account type in the chart of accounts maintenance screen (Maintain, Chart of Accounts).  Be sure to run the chart/journal sync test after changing the account type.

    Thank you.

  • 0 in reply to DonaldC

    THANK YOU, Donald!  OMGosh. . .  I set up a new partner 1-1-2023 in eleven partnerships.  This error had not shown up in the other partnerships and my tunnel vision kept me from recognizing my wrong entry "type" for the new GL number.  Year-end is soooo stressful!  So nice to have community help.

*Community Hub is the new name for Sage City