01-11-2011 07:26 AM
I have a problem with closing entries. Please help me.
I'm using Peachtree by Sage Pro Accounting® 2010.
My PT have 24 period (01/01/2010 -> 31/12/2011). I know that periods 1 and 13 are the beginning of new fiscal years and the income and expenses are zeroing out for the new year. PT will post the net income to Retained Earnings. But my PT post the net income divided into two parts : one move to Retained Earnings and one to Other Current Liabilities. I don't know why?
What condition for the net income moved to other current liabilities account?
10-08-2010 03:36 PM
If you are referring to the income and expenses zeroing out for the new year, then Peachtree does this automatically. It knows that periods 1 and 13 are the beginning of new fiscal years and zeroes out the income statement accounts and posts the net income/loss to Retained Earnings.
Sage Certified Consultant and Trainer
Stitely & Karstetter, PLLC