Sunday, January 28, 2007

P&L account setup as Balance Sheet

If a P&L account code is setup with a wrong account type of BS (Balance Sheet).

After doing a Year End, the error was discovered i.e. the P&L account code did not transfer the balance to the Retained Earnings.

To rectify the problem, do the following steps:

1. Do a journal entry to transfer the balance to Retained Earnings
e.g. DR Sales 1,000.00
CR Retained Earnings 1,000.00
2. Change the account type to IE (Income & Expense)
3. Do a journal entry to reinstate the balance
e.g. DR Retained Earnings 1,000.00
CR Sales 1,000.00

Because the account type is now Income & Expense, ACCPAC will automatically do the closing entries to transfer to Retained Earnings.

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