Troubleshooting: Year End Closing Error - No Retained Earning Account

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

Version: 1.8 / 1.9 / 2.0

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).

Solution:

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

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).

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

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

By: Benjamin 220921, Lay Swan 221025, P221027

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