For reasons that I haven't Yet figured out, AR and AP balances are often
incorrect on my Balance Sheet but are correct on the Payables and
Receivable Aging reports.
This forces me to recast the Balance Sheet in a spreadsheet using the
correct AP & AR balances. The math is basic but our company is on the
cusp of profitability and I'm having problem with the Balance Sheet
Report term "Retained Losses". Does this appear when we are not
profitable and what does it change to when we are profitable, as I
suspect we are beginning last month?
I much prefer using Retained Earnings with a negative number to present
accumulated losses and my recollection of how the Equity portion is
structured is something like the following"
Equity
Equity
Retained Earnings {based on Fiscal year end}
Income Y-T-D
Total Equity
FWIW, the Balance Sheet report shows Retained Losses of $38.61 but our
P&L shows Y-T-D income as $1,246.95. I agree with the P&L but where does
GC get the Retained Losses from?
Thanks for reading.
Tom
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