Our fiscal year is March 31/13 and I want to Start a new fiscal year, however, I get this error message....

"invalid retained earning account on department 504"

I checked each account in department 504 and we have one retained earnings acct (4950-504) and all others are income accts. Can you suggest what we might have wrong?

Thank you
Diane

Under Edit | Departments, check the Retained Earnings account for department 504. That's where the problem lies.

Thank you...turned out that it had been ticked as "inactive". Made all the difference!