Recently closed out fiscal year 2023 in the GL Module and our income posted to the incorrect retained earnings account. How would I reverse this post the earnings to the appropriate GL account?
Recently closed out fiscal year 2023 in the GL Module and our income posted to the incorrect retained earnings account. How would I reverse this post the earnings to the appropriate GL account?
Since it credited the wrong retained earnings account, you'll need to debit the wrong retained earnings account and credit the correct retained earnings account. You can do through Tasks - Record Entries and use a December 2023 accounting date. You'll need to first open the December accounting period in GL and when finished with entries posting, remember to close December again using Tasks - Open / Close Posting Period. https://us-kb.sage.com/portal/app/portlets/results/viewsolution.jsp?solutionid=223924450035365&page=1&position=0&q=open%20%2F%20close%20period
You will only need to use Tasks - Close Fiscal Year if you post to any accounts on the income statement. So, if done just through one retained earnings to another retained earnings, you should not need to Close Fiscal Year again. https://us-kb.sage.com/portal/app/portlets/results/viewsolution.jsp?solutionid=222924250017502&hypermediatext=null
*Community Hub is the new name for Sage City