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Error: "Unable to find the Retained Earnings account."

Created on  | Last modified on 

Summary

Steps to follow when you get the "Unable to find the Retained Earnings account" error in Sage 50 Accounting.

Cause

There’s no retained earnings account, or the account type isn’t Equity-Retained Earnings.

Resolution

 

  1. Select Maintain then Chart of Accounts.
  2. Select your Retained Earnings account from the Account ID list.
     TIP: If one doesn't exist, enter and Account ID and a Description of Retained Earnings. 
  3. Set Account Type to Equity-Retained Earnings.
  4. Click Save.
  5. Run the Chart of Accounts Journal Sync test.
  6. Your transaction will now post without error.