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Balance Sheet Account Closing to RE at Year End

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MattK
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Posts: 5
New Member
6/4/2009 3:16 PM

    Does anyone know how to make a balance sheet account close into retained earnings at the end of the year?  We are a financial services/insurance organization that needs to track multiple pieces of the retained earnings component in different accounts for statutory reporting.

    dj
    Basic Member
    Posts: 7
    Basic Member
    6/17/2009 8:30 PM
      Someone correct me, but balance sheet accounts do not close to retained earnings. In order to get a b/s account balance into retained earnings, you would need to do a journal entry.