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Why does my GL Financial Statement report an incorrect value for retained earnings for prior fiscal years?

Background

Certain financial statement templates created prior to 12/31/2010 will incorrectly report the balance for retained earnings accounts if the period being reported falls in a prior fiscal year.  Note that this issue does not impact reporting for periods in the current fiscal year.

This issue applies to the following report templates:

  • Many of the pre-built GL Financial Statement templates that are purchased separately.
  • Financial statement templates that were created on a custom basis for you using Event 1 Software's financial functions (e.g., GLAmount).
  • Report templates created using the GL Financial Starter template.

To determine if this applies to a report template that you are using, open the template and use Excel's find feature (Ctrl+F) to search for any formulas containing the function named GLAmount.  This issue may apply to you if this function is present in any of your formulas.

Resolution

To resolve the issue, your template must be updated to include the current version of the GLAmount function.

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