When closing the year end General Ledger by "Opening Balance Forward Update", Spectrum moves the Net Income to Retained Earnings. However, no entry of any kind shows in retained earnings detail. So, when the Opening balance forward update is done, the first day of the new fiscal year will increase Retained Earnings by the net of the income and expense accounts. Thus, no retained earnings detail is shown why the prior fiscal year end to the next day on the new fiscal year changed. If net income was $2,000.00 in the end of the prior year, the Retained earning "magically" presents the prior year Retained Earnings plus the $2,000.00 without any detail at the beginning of the new fiscal year of this increase. I have to explain this every year to the auditors of a change in Retained Earnings without any entries (automatic or journal entry).
Company | Blackstone Construction LLC |
I need it... | 12 months |
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