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Re:Error - GL Setup (Retain Earning account) (1 viewing) (1) Guest
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TOPIC: Re:Error - GL Setup (Retain Earning account)
#2214
gsbhutta (User)
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Error - GL Setup (Retain Earning account) 12 Years, 6 Months ago  
while going through the GL setup steps im getting following error "Your Retained Earnings account must be a balance sheet account"
pls advise.
 
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Last Edit: 2011/10/12 00:03 By handsonerp.
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#2226
handsonerp (Admin)
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Re:Error - GL Setup (Retain Earning account) 12 Years, 6 Months ago  
You are getting this error because the retained earnings account you are entering at your ledger is not defined as Owner's Equity account. In fact you are defined it as Expense or Revenue account.
Make sure the account created is of proper type.

The retained earnings account should have a type of Owner's Equity. The revenue and expense accounts close into reatained earnings at year end.
 
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Last Edit: 2011/10/12 00:04 By handsonerp.
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