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I am gettting an Error during Accouting Setup in Ledger Options while creating a ledger for retained earnings as "Your Retained Earnings account must be a balance sheet account." I checked the flexfields and also freezed the Flexfield Definitions but still getting the same error.

regards,

Tejash P.

Dear Tejash,

please recompile your accounting flexfield and retest the issue again. This issue happens when either you really do not have an account which is of retained earnings type or you tried attaching a value set for account segment that is already available.

Regards,
Karthikeyan

Daer Tejash,

Retained Earnings account type should be Ownership/Stochholder Othewise below error message getting.

"Your Retained Earnings account must be a balance sheet account"

In your scenario, Please create the New account with Account types is Ownership/Stockholder and assign the same account in Accounting set up level.


Thanks & Regards,
Madhu

Thank you very much Karthikeyan and Madhu, I was able to go ahead and setup the GL using the steps provided by you in creation of Retained Earnings Account. regards, Tejash