Year End Mistake with Recalculate Balances

[arnold2002]

We are using progression 7.6.400a. At year end after we were finished aroung 1/15/07 I accidently hit recalculate balances after closing the year. (long story) Anyway many account balances were wrong. So I did a one sided entry to correct all the balance sheet accounts. They are all fine except for Retained Earnings. When you do a GL Account View the YTD amount is correct BUT the Balance Sheet is wrong.

HELP!!

 

[dgillz]

Recalculating account balances should never make anything wrong. When you did a year end close however, if you had accounts wrongly marked as PL accounts or BS accounts, that is another story.

When you say the balance sheet is wrong, how did you come to that conslusion? How and where are you creating your balance sheet? In F9 or in Macola? If it is in Macola then run an exception report to see what is missing.

Are you an accountant or have good accounting background?

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"What version of URGENT!!! are you using?

 

[NEmacGuy]

Agree with DGillz.

You need to check your Chart of Accounts - print a copy and review your account setups.

Review the detail in your Balance Sheet accounts - GL Account View (start date 01/01/80 to 12/31/22)
What is the date of the first entry, and the reference ?

Should be Date of last Final Close, and BBF. No Entry and detail is gone - chart of account issue.

As DGillz said Recalc (Generally safe) so I would run again, it reads the details and recalculates the Period Balance records. If the detail is there no problems, if it is good, an other story.

 

[NEmacGuy]

One other things saw one time that generated strange results, check your Period File Dates.

Saw someone with Period 1 as 01/01/08 to 01/31/08
Period 2 as 02/01/07 to 02/28/07
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