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    Thomas Paul
    Manual Journal to the RE Account
    Topic posted September 18, 2019 by Thomas PaulBronze Medal: 1,250+ Points, tagged Financials, General Ledger, Period Close / Reconciliation, Setup / Administration 
    35 Views, 3 Comments
    Title:
    Manual Journal to the RE Account
    Summary:
    Any implication for booking manual entries to the RE Account
    Content:

    Hi,

    Is there any implication of booking manual journal entries directly to the Retained Earnings Account. This is needed for closing out a branch during the year.

    Thanks.

    THomas

    Comment

     

    • Julien Dubouis

      Hi Thomas,
      No it doesn't matter, you can do it. But why not using the year-end processes to do it automatically ? 
      Thanks

    • Thomas Paul

      Hi Julien,

      When you say year-end process, are you just referring to opening of the next year Opening period? We need this entry to be reflected and closed in October, hence looking at middle of the year journal entry.

      Thanks.

       

      • Julien Dubouis

        Hi Thomas,
        No, I am referring to the two processes : Create Income Statement Closing Journals, Create Balance Sheet Closing Journals.
        By running them, you will be able to close all your Charges/Revenue accounts to the retained earnings account (Income Statement) and if you wish, to close all your assets/liabilities/owner' equity accounts (Balance Sheet). These processes can be run during any period of the year.
        Thanks