Reserve - Equity doesnt close effect

[mistertee]

Kindly give me your insights regarding this;

my Reserve account type is set to Equity doesnt close and below are the entries from last year to current year.


Last Year (open)
Retained earnings - 100,000
Reserve - 10,000

Current Year
Retained Earnings - 110,000
Reserve - nil

What happened to this kind of transactions, it automatically addback to Retained Earnings.

Please, i need your comments. Thanks

[rick Prindivill]

Open your Company, Maintain Chart of Accounts, select your RESERVE ACCOUNT ID and change the TYPE from Equity Gets Closed to EQUITY DOES NOT CLOSE. Rerun your financials and verify that the reporting is as you would expect.

[mistertee]

my reserve account was set to Equity doesnt close already.

[rick Prindivill]

Change the Account to a Liability Account and SAVE. Then change it back to Equity dosen't close. Force the system to see the change and then change it back.

You may want to run Peachtree's DATA VERIFICATION and maybe later Peachtree's Integrity Checks. If you do run the Integrity Checks, then select to REINDEX the Chart file, and then later run the Integrity Check again, selecting CHART / JOURNAL. The Integrity Checks should always be run from PERIOD 1 and not the current period.