How does the retained earnings balance get updated when I make a prior year adjustment in General Ledger?
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Re-close the fiscal year to update the retained earnings balance with the adjustments made to income and expense type of accounts.

Refer to the following for more information: 

How do I record a prior year adjustment in General Ledger?
How do I reclose the prior fiscal year in General Ledger after posting prior year adjustments?

 

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