Retained Earnings / Roll Over Error

priceben
2 Posts
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Australia

Retained Earnings / Roll Over Error

When the myob file has been rolled over for the 2016 financial year, a prior year discrepancy is still present in the accounts, resulting in the net assets not agreeing to the total equity. The retained earnings account is out of balance by $8,495.56.

 

In order to correct the problem a one sided journal entry needs to be processed debiting retained earnings. 

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