GL Period Cannot Be Closed Due to Retained Earnings Account Could Not Be Found Message

When attempting to close the fiscal year, the following message may display:

The General Ledger period cannot be closed as an active Retained Earnings account could not be found for one or more books.

A Retained Earnings account is used to combine Revenue and Expense totals at the end of a fiscal year and start the new year with zeros.

If using no Book Control, ensure a GL Account has been created with a type of Retained Earnings.

If using multiple Books, resolve this message, follow the below steps:

1.  From the Main Menu, click the GL Accounts link.

2.  On the GL Accounts screen, display the Book Control column.

3.  Sort the column to view which accounts do not have a Book Control value.

4.  Edit any GL accounts with no assigned Book Control and assign a Book Control.

5.  Proceed with the process to close the fiscal year.