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Status Sheet — Retained Earnings (Desktop) ​

What it is: The Status sheet diagnostic for a retained income imbalance — where the opening retained earnings in the current year's trial balance do not match the prior year's closing balance on the Statement of Changes in Equity.

What it's for ​

When the opening and closing retained income figures don't agree, the SoFP and Statement of Cash Flows will both be out of balance. The Status sheet flags this imbalance so the compiler can trace the cause and post a correcting journal before finalising the AFS. The Status sheet is for the compiler's use only — it does not print.

How to do it ​

Investigate the imbalance ​

  1. On the Status sheet, note the retained income imbalance amount.
  2. On the SoCE, confirm the prior year closing retained income figure.
  3. On the current year's Working Trial Balance, check the opening retained income figure — the difference between the two is the imbalance.
  4. Common causes: prior-year journals created in Draftworx that were not posted back to the accounting package, or journals incorrectly coded to retained income.
  5. Compare the prior year trial balance in the accounting package to Draftworx's WTB for the prior year to identify where the difference originated.

Correct the imbalance ​

  1. Post a correcting journal in Draftworx to bring the opening retained earnings into agreement.
  2. The imbalance on the Status sheet will clear once the journal is applied.

Source ​

https://draftworx.helpjuice.com/desktop/draftworx-desktop-status-sheet-retained-earnings

Walkthrough: https://scribehow.com/viewer/Draftworx_Desktop_Status_Sheet_Retained_Earnings__DX075__t22cqtChSieR0G93jZJ3hQ