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[Taylor Craig]

?Hello! I am working on my BS in Management Reporter and noticed I am off by my net income. This leads me to believe I should be doing some kind of month end to kick it to the balance sheet. Or should it already be there? I would’ve thought it would’ve been in retained earnings automatically. When I look up month end procedures I always end up with year end instead. I did find this for month end:

There is one for each module.

Tools – Routines – Sales ( Financials, Inventory etc ) – Checklists – Module – Month End

Is that what I need to do at the end of every month?

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Taylor Craig
Triangle Insurance Company
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[Jo deRuiter]

?Hi ?

No, you do not run Month End Routines in GP to update retained earnings.

The question is, what are you using to run your Balance Sheet?  There are a number of programs.

But, generally – if you are using the Advanced Financials in GP then you need to tell it the name of your Profit and Loss statement so that it pulls in the current year Net Income.

If you are using Management Reporter you need to pull in the full range of your P&L Accounts on your Balance Sheet to get Current Year Net Income.  (this is generally the same for any other reporting software that works with GP)

The retained earnings account never gets updated in GP until the end of the year in the Year End Closing – so you have to sort of hard-code in your current year retained earnings.

Let us know if you have any other questions

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Regards,

Jo deRuiter
“That GP Red Head”
Senior Financial Systems Consultant
Heartland Business Systems, LLC
Milwaukee, WI
770-906-4504 (Cell)
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[Taylor Craig]

?Jo – We are using Management Reporter. I did what you said and it worked! Thank you!

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Taylor Craig
Triangle Insurance Company
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[Jonah Wayte]

Hey Taylor!

Saw that you’re working on the close for your BS. We can provide stock checklists / reconciliation templates for you if you’d be interested in taking a look. Come check out FloQast if you get a chance today!

Best,
Jonah

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Jonah Wayte
Account Executive
Floqast
Sherman Oaks CA
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[Mahmood M. AlSaadi]

?You can definitely consider including all the P&L accounts on your managemet reporter. Furthermroe, year end closing would auotmatically close all P&L accounts balances in retained earningings so that you can use only that account in your reports design.

Best Regards,

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Mahmood M. AlSaadi – MVP
Principal Dynamics ERP Consultant
SIROCo LLC – (844) 708-0008
McKinney TX
m.saadi@sirocollc.com
http://www.sirocotech.com
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