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How do I close out prior year net income to retained earnings?

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asked Nov 2, 2011 by wandw (120 points)

1 Answer

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First you need to close all 12 fiscal periods for the year in GL Manager.  Then you create a GL journal entry to debit current retained earnings and credit cumulative retained earnings.
answered Nov 15, 2012 by Todd C (1,070 points)
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