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Hi

Got 1 query,... in uploading the trial balance

suppose my total across revenue heads in Trial Balance is 100 and total across expense head in TB is 150

Now... how to handle the retained earning acc (which gets transfered in the Liability side in Balance Sheet)

Its value shud be -50 in this case.... so while uploading the TB..... shud thr be a value of -50 in Retained Earning acc.

OR... do i need to run sm request at time of March period closing which will calculate -50 value frm revenue and expense and transfer it to Retained Earning acc.

Please respond..and if u have any doc on this please send at bhupooja@gmail.com

Hi pooja
at the year end run the income statement closing jurnal program.
it will automatically transafer the net balance of income and exp to retain earning a/c.thanks
srinibas.
if further doubt then revert back

so that means at the time of TB upload.. i shud not enter the value in retained earning acc.
2. if i have already open the apr period...will the value still get transfer to retained earning acc on closing march period

Thanks

Hi pooja
at the year end run the income statement closing jurnal program.
it will automatically transafer the net balance of income and exp to retain earning a/c.thanks
srinibas.
if further doubt then revert back


<i><div align="right">Originally posted by SRINIBAS - Jun 18 2008 : 04:40:31 AM</div id="right"></i>

HI Srinibas,

Continous of this issue..at fiscal year end whatever netloss or net profit automatically transfer to Retained earnings.

if i run income statement closing journals..which a/c shell i take a closing a/c and offset a/c.
What is the functionality of offset a/c and closing a/c.
what are segment qualifiesr of these a/cs
Your inputs more than appriciable

Thanks
Swamy

For the income statement closing journals, General Ledger now provides two options. You can choose to zero out each income statement account, and post the balance to the retained earnings account. Alternatively, you can post the reciprocal of the net income balance to an income statement offset account instead of zeroing out each revenue and expense account.

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