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When trying to close the GL year in Microsoft Dynamics GP, this error message is happening:
Retained earnings account not found.
What is likely occurring here is you are closing to Divisional Retained Earnings Accounts and you are missing a Divisional Account(s) that pertains to the Retained Earnings account.
This usually happens when a new Account Segment is created.
For example:
Let's say my retained earnings account is 000-1200-01, and I use Divisional Retained earnings and close to the FIRST segment. The second and third segments stay the same. I have segments 100,200,300, and so I have accounts 100-1200-01, 200-1200-01 and 300-1200-01 set up. If I create a new segment of 111, I would also need to set up account 111-1200-01 for my retained earnings to work if you are closing by Divisional Retained earnings.
1. Go to Tools | Setup | Financial | General Ledger and view your Retained Earnings account and if you are closing to divisional account segments and if so, which segment.
2. Review all the segments created for that segment (Tools | Setup | Financial | Segment).
3. Go to Cards | Financial | Account and verify that all the GL accounts exist that are needed in order to close to divisional retained earnings. (ie. make sure all the accounts exist using the Retained earnings account you found in step 1 above with all the combinations of the segements found in step 2 above.)
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