Incorrect zeroed out account balances after closing year

Solution Properties

Solution ID:

221924150011208

Last Modified Date:

Thu Oct 22 17:33:21 UTC 2026

Taxonomy Path:

Category//Year end

Author:

sageadmin

Incorrect zeroed out account balances after closing year

Description

Non-close type accounts have closed to retained earnings at year end
Close-type accounts haven’t closed to retained earnings at year end
Balance Sheet has wrong account balance after closing year
The account didn’t close after closing the year

Cause

Assigned the wrong account type to an account.

Resolution

NOTE:

The program closes out balances with the account types of Income, Expenses, Cost of Sales, and Equity-Gets Closed into the Retained Earnings Account. The most common cause for the incorrect account closing is due to assigning the wrong account type to a GL Account.

Select Tasks, System, and then click Change Accounting Period.
Select Period 01, and then click OK.
Select Maintain, and then select Chart of Accounts.
Select the account that has the wrong Account Type.
Change Account Type to the correct type.
Click Save.
Repeat the previous steps for each account that requires a change.
Run the Chart of Accounts Journal Synchronization test.
Verify your account balances are correct.

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