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Automatically Posting Entries to Retained Earnings

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The Merge Beginning Balances button on the 13th Month Transactions menu advances you to the Merge Beginning Balances menu. Use this button to automatically post the necessary entries to retained earnings. You use this menu to merge the account balances from the previous year’s general ledger to the beginning balances of the current year’s general ledger. Before you merge, make sure that all of the account balances are correct. You must print the journal entries for income and expenses before merging the balances. 

To access the Merge Beginning Balances menu, follow these steps:

Step 1. From the Dealership Accounting main menu, select Month-End. The Month-End Procedures menu will open.

Step 2. Select Thirteenth Month Entries. The 13th Month Transactions menu will open. 

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Step 3. Select Merge Beginning Balances. The Merge Beginning Balances menu will open.

From here, you can print the closing journal and merge beginning balances.

 

Printing the Closing Journal
First, use this button to print the closing journal.

Step 1. On the Merge Beginning Balances menu, click Print Closing Journal.

Step 2. An alert will direct you to confirm that the information in the Retained Earning field is correct. Click OK.

Step 3. The cursor moves to the Retained Earnings field, which automatically pulls the account number flagged as the retained earnings account. Press ENTER if this is correct. If it is not, type the correct account number in the field and press ENTER.

Step 4. When prompted to verify your printer is ready, select your print criteria and click Print.

 

Merge Beginning Balances
Use this button to merge the previous and current year’s general ledger balances.

Step 1. Click Merge Beginning Balances on the Merge Beginning Balances menu.

Step 2. An alert will direct you to confirm that the information in the Retained Earning field is correct. Click OK.

Step 3. The cursor moves to the Retained Earnings field, which automatically pulls the account number flagged as the retained earnings account. Press ENTER if this is correct. If it is not, type the correct account number in the field and press ENTER.

Step 4. Click OK when prompted to verify you want to merge the balances. The system returns you to the 13th Month Transactions menu.

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