Balance sheet still showing last years Dividends Paid (NC 3102)

Accounting
1

After running QuickFiles auto year I see that NC 3102 Dividends Paid is still showing the dividends paid during the previous financial period.
Is there any reason why QuickFile’s automatic year end journals do not put that dividend distribution into NC 3101 Retained Profit & Undistributed Reserves?

2

You may need to manually journal this for now. In the mean time I will raise this with an accountant to see what the situation is here, perhaps we can modify the year-end journal to handle this. Unfortunately I don’t know enough about this area to call it on my own.

3

Thanks Glen,
I have already edited the Year End Process journal on another quickfile account by manually adding the dividend to the auto generated journal before saving it.
I will do my own by editing the Year End Process and adding the paid dividends to it.
Looking forward to it being added so its part of the auto year end process (hopefully)

1 Like
4

Hi Glen

I was just wondering if you have altered the year end process regarding dividends being transferred to retained profits?

5

This is not something we’ve looked at yet but I’ve created a ticket in our development planner to have a look. We should be able to report back in 1 to 2 weeks.

6

Thank you. I look forward to hearing about it overcthe coming weeks.

7

Just a quick one to let you know that Dividends Paid (3102) will now be automatically adjusted into retained earnings when you run the year-end tool.