It shouldn't be the same if you are on a calendar year structure. Net Income should roll to Retained Earnings at the start of your calendar year. If your accounting year doesn't end on 12/31 but you setup your company file in that manner you cannot change it without creating a new company file and importing the data over.
https://sagecity.na.sage.com/support_communities/sage50_accounting_us/f/sage-50-accounting---u-s-edition/72876/january-balance-sheet-net-income-is-not-correct
A key distinction between net income and retained earnings is their location within financial reports. Net income is displayed on the income statement where all profit and loss items are included. An income statement is periodic, so it shows income earned for a specific period.
http://smallbusiness.chron.com/difference-between-retained-earnings-net-income-60293.html
Retained Earnings Basics. Retained earnings is also called accumulated earnings because it is net income the company retains over time. It is similar to a kid putting his allowance in a piggy bank and holding it versus spending it for something he wants. Companies typically retain earnings for a couple of reasons.
http://smallbusiness.chron.com/difference-between-retained-earnings-net-income-60293.html
Every thing closed properly to retained earnings account. If run a Balance sheet at 12/31/2008, the retained earnings accounts are fine. Also, I ran a beginning trial balance for 2009 and all the revenue and exp accounts do show a Zero beginning balance.
http://community.dynamics.com/gp/f/32/t/27111
The primary difference between retained earnings and net income is time. Net income is the bottom-line profit your business earns for a given period. Retained earnings is the accumulation of those earnings over time to reinvest in the business or to maintain as a safety net. Net Income Basics Net income is the third and final income calculation during a month or quarter.
http://smallbusiness.chron.com/difference-between-retained-earnings-net-income-60293.html
I ran a year end close the yesterday. I noticed that some of our retained earnings account (we use divisional close) the ending balance of 2008 does not equal the beg bal of 2009. The 2008 ending balance is correct but the 2009 beg bal is not. If run the trial balance, everything is balance though. Any idea how I can resolve this issue. Thanks
http://community.dynamics.com/gp/f/32/t/27111
Retained earnings appears on both the balance sheet and statement of owner's equity. The balance sheet lays out all assets and liabilities at the end of a given period. Retained earnings is an asset account, as it has positive value for the company. It is also shown on the owner's equity statement along with paid-in capital, which is the value of investment shares held by company owners. Retained earnings and paid-in capital combined equal owner's equity, or the net worth of the company.
http://smallbusiness.chron.com/difference-between-retained-earnings-net-income-60293.html
Yes, the beginning trial balance is in balance. Although some of the retained earnings accounts are off - the total is in balance - which is really strange. Because the difference between the ending balance and beginning balance is about 1million. We have about 100 Retained Earnings account and 17 of them have the problem.
http://community.dynamics.com/gp/f/32/t/27111
Check to see if you have accounts with the incorrect Posting Type. You may have some P&L accounts setup as Balance Sheet or vice versa. If that's the case, the P&L accounts would not close to Retained Earnings. The best way to check is to use the Accounts SmartList and add the Posting Type field to it.
http://community.dynamics.com/gp/f/32/t/27111
The Retained Earnings is a perpetual account so it is your accumulated earnings from all time plus/minus equity eliminations so it could legitimately not match. With that said there could still be an issue.
https://sagecity.na.sage.com/support_communities/sage50_accounting_us/f/sage-50-accounting---u-s-edition/72876/january-balance-sheet-net-income-is-not-correct
why doesn't retained earnings match aaa
The Retained Earnings doesn't match with Accumulated Adjustment Account because it is a perpetual account so it is your accumulated earnings from all time plus or minus equity eliminations. The Retained Earnings is a perpetual account so it is your accumulated earnings from all time plus/minus equity eliminations so it could legitimately not match.