Why is my P&L is not carrying over retained earnings?

Question:

Why is my P&L is not carrying over retained earnings?

Resolution:

Step 1

Does the Ytd balance sheet & the current month P&L agree. If not see instructions below:

The Balance Sheet YTD (retained earnings, net asset, etc.) & the current month P&L (net income) must agree. If they do not there are GL accounts missing from either the Balance Sheet or Profit and Loss skeleton.

Go to GL File Maintenance Menu then Option 9 Financial Skeleton

Always have the user print the report and check messages (Mesg_inconsistencies were found..."). There will also be a GLRP07R (unless profile 55 set to "Y") showing all missing Account #'s.

The GL Financial Inquiry (option 2 from the GL Inquiries & Reports menu) is an easy way to check. Ask user for skeleton #'s to use for both P&L and B/S.

Easy to check by accessing Financial Inquiry( GL Inquiries and Reports Menu, Option 2) Run/Inquiry For P&L:

GLIQ08a FINANCIAL STATEMENTS INQUIRY 8/10/11
S1 08:16:03

Enter the following data :


Skeleton Type P/B (mandatory entry) . . P (P=P&L, B=Balance Sheet)
Skeleton # (*) . . . . . . . . . . . . . 1

COMPANY # to print (*) . . . . . . . 1
DIVISION # to print (*) . . . . . . . -or- Y for all . . . Y
DEPARTMENT # to print (*) . . . . . . . -or- Y for all . . . Y
JOB # to print (*) . . . . . . . -or- Y for all . . . Y

From Accounting Period # (##/YY) . . . . 1/07
To Accounting Period # (##/YY) . . . . . 12/07



For B/S:

GLIQ08a FINANCIAL STATEMENTS INQUIRY 8/10/11
S1 08:16:03

Enter the following data :


Skeleton Type P/B (mandatory entry) . . B (P=P&L, B=Balance Sheet)
Skeleton # (*) . . . . . . . . . . . . . 1

COMPANY # to print (*) . . . . . . . 1
DIVISION # to print (*) . . . . . . . -or- Y for all . . .
DEPARTMENT # to print (*) . . . . . . . -or- Y for all . . .
JOB # to print (*) . . . . . . . -or- Y for all . . .

From Accounting Period # (##/YY) . . . . 1/07
To Accounting Period # (##/YY) . . . . . 12/07

F3=Exit F4=Select(*) F14=Entity Selection F18=Entity Selection (c) DAPREX - 2010

Remember that unless the customer has a divisional or departmental B/S, Division, department & job do NOT have to be specified on the B/S, If they do you must key "Y" for all.

The P&L

GLIQ08b FINANCIAL STATEMENTS INQUIRY 8/10/11
HEADS1 08:22:22
Anal#: 1 STATEMENT OF INCOME AND EXPENSE 1/07 - 12/07
Corp # 1 MAIN CORPORATION DIV # ALL
Dept # ALL JOB # ALL
| - - - - 1 M o n t h - - - | | - - - - Months 1 - 12 - - - - |
Ln# Description | 12/07 12/06 Difference| | 2007 2006 Difference|
33
34 OPERATING PROFIT or (LOSS)
35 Add:Interest Income 1220.74- 1220.74- 1220.74- 12282.01- 11061.27
36 partnership
37 Other Income
38 Dividend Income
39 OVERHEAD INCOME 1220.74- 1220.74- 1220.74- 12282.01- 11061.27
40 NET INCOME or (LOSS) 262081.07- 630195.75- 368114.68 752906.20- 36321.02- 716585.18-