How does the retained earnings balance get updated when I make a prior year adjustment in General Ledger?
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Resolution

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?
Close prior year adjustments to retained earnings

 

 

[BCB:156:Chat 300 CRE US:ECB]

 

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