Peachtree 2010-Year end wizard-Closing Entries aren't automatic, please help

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Peachtree 2010-Year end wizard-Closing Entries aren't automatic, please help

  • Hi

     

    We’re using Peachtree 2010 since last year, and we’re working on fiscal year July 09 to June10. I went to the website and referred to you for support. The issue I’m having is , I run the year end wizard and noticed that my year end accounts aren’t closed, the retained earnings isn’t closed, net income isn’t closed,. I’m a big user of Peachtree products and each time I’m hired in a place, I make them get Peachtree, now I feel disappointed because all the previous Peachtree versions were closing the accounts for me. Right now, not sure why isn’t closing it. I bought Peachtree 07 at home for my personal use and it’s closing the accounts, please help on this issue. I always preferred Peachtree over QuickBooks because Peachtree is more professional and is made for accountants, so I really have a concern, if the accounts aren’t getting closed.

     

    Thank you for your support,

     

  • Did you get ANY error codes when closing?  If so, go back and close again or have someone else close the file for you on a different computer.    If closing a network, always close in the data location, not from a workstation.

     

    If you did not get an error code, go to Period one (1) and running DATA VERIFICATION.  File > Data verification

     

    You MUST back up when requested otherwise the tests will not run.

     

    If this does not correct your issue you will need to run an integrity utility.  I do not recommend you run this on your own.  You should consult with a Sage Consultant or Sage.   If you do chose to do this on your own, please refer to the help section of your program.

     

     

  •  

    Good morning,

     

    I am currently using Peachtree version 2010.  I setup a company initially for fiscal period July 1, 2009 through June 30, 2010.  I am in the process of closing the fiscal year and as I had noticed, when I completed the close of the fiscal year, net income did not close to roll into retained earnings. 

     

    I am starting a new fiscal year July 1, 2010 through June 30, 2011 and am noticing that net income reported in the balance sheet does not reflect the cumulative balance for the current fiscal year rather a cumulative balance from prior to current. 

     

    When should I expect the roll forward of my net income to be in my retained earnings? Is this in the second fiscal year – 24 months?

  • If you listed your fiscal year correctly then your July 10 should be period 12.  In the screen shot you posted, July is Period 13 so Peachtree hasn't closed out the net income because it has started your second fiscal year.  My guess from what you explained the initial fiscal year periods are setup wrong and will need to get fixed.  That fix can be pretty nasty to do on your own.  You would have to create a new company with proper period structure, export your data to excel in a proper sequence, and import into the new company in the proper sequence.  Otherwise, people on here have utilities that can make the process painless but for a fee.  There is no switch in Peachtree to adjust the periods after the company has been setup. 

  • Hi

    Thank you for your response, my previous email wasn't clear enought I think, so Here's the question again. I apologize for the confusion. I've never had a problem before with peachtree, so this is my first. Thank you for the follow up. Marie

     

    below

     

    am currently using Peachtree version 2010.  I setup a company initially for fiscal period July 1, 2009 through June 30, 2010.  I am in the process of closing the fiscal year and as I had noticed, when I completed the close of the fiscal year, net income did not close to roll into retained earnings. 

     

    I am starting a new fiscal year July 1, 2010 through June 30, 2011 and am noticing that net income reported in the balance sheet does not reflect the cumulative balance for the current fiscal year rather a cumulative balance from prior to current. 

     

    When should I expect the roll forward of my net income to be in my retained earnings? Is this in the second fiscal year – 24 months?

     

    Attached are the steps and screen shots for year end closed that I followed, and then I did a print screen of the fiscal year as well. I followed those steps and still my net income isn't closed.

     

    If there's anything else I can provide, please let me know

     

    Thank you for your support,

     

    Marie

  • Hi Marie,

     

    I did fully understand your question and my original reply is valid. If you have run the data verification and it did not work, you may purchase  on my website a simple fix  service:

    http://www.byardllc.com/simple-fix15-minutes-contract-p-179.html?cPath=59

     

    I would be glad to remote in and fix your balance, but unfortunately I would have to charge for my time.

     

    Shirley

     

     

  • Thank you Shirley that problem for year end wizard is solved, I appreciate your help.

    I had someone fix it, it was a maping error somehow,

    Thank you,