ER 58094- Consolidating end of year retained earnings posting to a single division (FinanceDimension1)
o Description - We are opening this enhancement request asking for the system-generated end-of-year retained earnings entry to post to a single Division. Division is defined by FinanceDimension1. Currently, entries to Retained Earnings account 27100 is distributed among all divisions.
o Proposed Solution - Use the System Division defined on the Enterprise Hierarchy as the single division for end-of-year retained earnings postings.o Currently, the design of the system only allows one account for each system account. However, I found this functionality enhancement which will provide the ability to generate an actual journal that shows the rolling of retained earnings. This is how it works: A new action is being created to process the retained earnings via journal entry, as some countries require an automated entry to updated retained earnings. The Retained Earnings entry will sum all the expense account type totals from the Income Statement and this total will be booked into a newly created Expense Summary system account, and the offset will hit retained earnings. Then it will sum all the revenue account type totals from the Income Statement and this total will be booked into the newly create Revenue Summary system account, and the offset will hit retained earnings. Each entry should be 4 lines per ledger processed. This will need to be done prior to the year-end close, and run similar to the year-end close process. Ticket - 1455086
