Troubleshooting: Year End Closing Error - No Retained Earning Account

From AutoCount Resource Center

Question: When run year end closing, an error prompted “No Retained Earning Account”. What should I do?

Version: 1.8 / 1.9 / 2.0

No re acc1.png

Possible Reason:

You have created Retained Earning account as a normal account.
Retained Earnings (or Retained Profit) account must be of Special Account Type (SRE) should you need the system to calculate and show accumulated profit (except current year).

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1) Go to G/L > Account Maintenance, create new Retained Earning account under special account.

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2) Delete the normal Retained Earning account. But if there is an opening balance, you need to zero it before deleting this account.
Go to G/L > Opening Balance Maintenance, remove the balance of normal Retained Earning account, and key in the figure onto newly created Retained Earning special account (SRE).

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3) Back to Account Maintenance and delete the retained earning normal account 152-0000.

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4) Now, you can re-run Year End Closing.

By: Benjamin 220921, Lay Swan 221025, P221027

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