I have been exporting monthly financial reports here at Manager. Also I’ve done monthly checking with the historical amounts comparing to previous month if it is tally.
However upon noticing today, there were some discrepancies and when I backtracked, I just found out that the “Beginning Balance at the end of the period” in retained earnings last December 2020 (our start of calendar year) was automatically changed and it affects the whole months report submitted.
It seems like its just with the updates, I dont have any idea where can I change the amount in “Beginning Balance at the end of the period” maybe some of you could help me with this so that I can resubmit the report again.
Thank you and all comments will be much appreciated.
Retained earnings do not have explicit starting balance. It’s a balancing account for all other starting balances. So if your starting balance for retained earnings is lower, then some other account has starting balance higher.