• asgare
  • asgare
  • Senior Member
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  • From: Iran
  • Registered: 06/03/2013
  • Posts: 92

Topic: System and General GL Setup

Hi experts smile
I knew there are a lot of post related on COAs but mine is new. Believe it or not, I Googled a lot on this matter but couldn't relate my founds objects to this matter.

Here the problem:
I build a new COA successfully, also made changes on "sys_prefs" table default values to match them with my new COAs. After checking "System and General GL Setup" I saw everything is fine. But when I clicked on "Update" button, encountered with below message.
The Retained Earnings Account should be a Balance Account or the Profit and Loss Year Account should be an Expense Account (preferred the last one in the Expense Class)

Thanks to all FA contributors smile
Asghar
  • asgare
  • asgare
  • Senior Member
  • Offline
  • From: Iran
  • Registered: 06/03/2013
  • Posts: 92

Re: System and General GL Setup

still looking for help! smile

Thanks to all FA contributors smile
Asghar
  • joe
  • Administrator
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  • Registered: 03/15/2007
  • Posts: 5,107

Re: System and General GL Setup

Please check that the Retained Earnings Account is a Balance Account just as it says, and that the Profit and Loss Year Account is of type Expense account.
You can check that in the GL Accounts. Look at the Account Group and go into the GL Account Groups and se if it is the correct class type (Liabilities and Expense class).

/Joe