Create GL Accounts
GL transactions are stored individually in one set of tables. However, the report writer tables store balances. The GL Report Writer needs the accounts for each period to be balanced.
For periods to balance correctly when the two sets of tables are synchronized, the system offsets the income statement accounts using current year income offset and the balance sheet accounts using current year retained earnings.
Make sure the current year income offset standard account and the Result of Current Year system account are set up in the general ledger. Do not post any transactions to these accounts. The Result of Current Year system account is used by the Trial Balance report, Balance Sheet report, Income Statement report, and Trial Balance View, in addition to the GL Report Writer.
1 Use GL Account Create (25.3.13.1) to set up the Current Year Income Offset account. Complete the fields as follows.
• GL Type: Standard
• Category: Liability
• Analysis: None
• Active: Yes
2 For Current Year Retained Earnings, create a system account with system type Result of Current Year.
See
Creating GL Accounts for more information on creating system and standard accounts.
When you produce a trial balance with GL Report Writer, include Current Year Income Offset and Current Year Retained Earnings.