I ran a Balance Standard report today and noticed the RE amount was not correct. Then I ran a Detailed Balance report and the number was correct. I also ran a Balance Comparison to last year report and that number is correct.
So how is it possible the RE amount can be a different number on the Balance Standard than the other balance reports? Anyone ever come across this?
I am going to do a rebuild tonight. Suggestions are welcomed.
Check that all reports are running on the same basis of cash or accrual. Also check the date on each report.
Thanks Laura - well, I checked and both reports default at accural and the dates were the same too. On January 1st, an adjustment was made to add Retained Earnings into QB. On the day before, 12/31/08, the Retained Earnings in both the Balance Standard Report and the Balance Detail Report match perfectly. But immediately after the one line was added and on the next day, the REs no longer match on the two reports.
I thought it is never supposed to change and remain the constant. Any idea what entries from the current fiscal year might be affecting the RE on the Balance Standard Report? Could there be a posting somewhere that is considered a RE by the Standard report until the year is closed out? But for the detailed report, it calculates it differently?
***** What you are seeing is normal....Retained Earnings gets updated with the new fiscal year and stays that way for the entire year. That is assuming no one posts a transaction directly to RE.
So the 12/31/08 balance reflects life-to-date Net Income through 12/31/07. On 1/1/09 it will be updated to reflect life-to-date Net Income through
12/31/08 and will stay that same value until 1/1/2010 when it will get update to reflect Net income for 2009.BeanSmart website is not affiliated with any of the manufacturers or service providers discussed here. All logos and trade names are the property of their respective owners.