Error: Unable to find retained earnings account

Sage 50 Accounting U.S.

Sage 50 Accounting U.S.
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Error: Unable to find retained earnings account

  • Hello,

     

    I created a new company in peachtree 08. I am currently setting everything up such as COA, Vendors, Customers, ect...

     

    I am entering my first bill for 09 and when I go to save it I am getting the error message "Unable to find retained earnings account".

     

    I guess I am missing something here cause I don't understand how retained earnings account would be used for posting a bill? 

     

    My company is set-up as a partnership and does equity accounts but partnerships don't utilize retained earnings account. Just Corps. Unless I am completely missing the boat on this one.

     

    Thanks, Kevin 

  • Your Chart of Accounts must have ONE Account setup whose TYPE is set to EQUITY - RETAINED EARNINGS.  This will be the account that is updated with historical earnings during the Year End Close process.  This account & type are mandated.
  • How do I correct the system if when I try to change an account type to "Equity-Retained Earnings', I get a message that says Retained earnings account already exists?

  • You can try to run the Peachtree / Sage 50 Utilty labeled DATA VERIFICATION. Open your Company and click on FILE and then select Data Verification.

     

    If the Data Verification does not correct the problem, the you can run the Peachtree / Sage 50 Utility labeled INTEGRITY CHECKs.  Use the Peachtree program HELP program and run SEARCH on INTEGRITY CHECK to find more information on how to use this program.  Initially, you will want to run "FILE TESTS - ReIndex"  for the File labeled "CHART".

     

    If the problem continues, then you can export the Chart of Accounts for the first five file fields and then open the exported file using EXCEL and verify the ACCOUNT TYPE for all accounts, focusing on the RETAINED EARNINGS Account.

     

    We provide full tech support services for Peachtree / Sage 50 including legacy versions.