Reconcilation of Retained Earnings
I am getting the difference between the closing balance of 2007 for retaining earning and opening balance of retaining earning a/c for 2008.
So kindly guide me how i can reconcile the difference between the balances.
I think i need to add up the gl a/c balances (Net profit ) to the closing balance but in that case how do i know which gl a/cs are linked to retaining earning a/c
Thanks in advance
by using F.01 you can get the values why because if you are maintaining the wrong Account Grouping , but in your FSV you are assign the G/L account properly, check that values and re consilate the values with Retained Earning account.