Sage 100

SOP for GL startup...When importing beginning balances do you post the retained earnings to the retained earnings account or to a general income/expense account and let the system close it to retained earnings for period 1? assuming bringing balances into period 12.

I post to income and expense accounts for comparability in a year to year scenario.

Depends on the info that the customer has but most often I only have a trial balance so I post to retained earnings. If they have detail as @AaronClark says then I use that detail.

ok - one for a non-retained earnings account another for it. should have set up a vote!

Detail if I can get it. Otherwise, RE.

My understanding has always been as a general rule direct postings are not made to the retained earnings account as they are to every other account. Due to the calculated balance nature of this account. But I have not been able to determine any negative issues with establishing a beginning balance posting to this as part of the initial journal.