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seanw-seanwatson
Dec 30, 2022 3:13 AM UTC
Question

How to exclude transactions meant for the previous year? Like making a profit sharing contribution or making a tax payment.

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3 replies

TirzahC
Dec 30, 2022 4:16 AM UTC

Hi, seanw-seanwatson.

 

In QuickBooks Online, we can exclude a profit-sharing contribution that was made from the previous year by creating a new transaction in the current year with the opposite amount we want to exclude. 

 

However, I recommend consulting with your accountant. An accountant will know what's best for your business and could sort out what you can do in a previous year's transactions. 

 

Check out this article about categorizing and matching downloaded transactions from your bank: Categorize and match online bank transactions in QuickBooks Online.

 

In addition to that, you visit these links about reconciliation in QBO:

 

 

Should you have any follow-up questions or other concerns, please feel free to leave a reply below. I'll be around to help you out some more. Take care.

seanw-seanwatsonAuthor
Jan 13, 2023 5:58 AM UTC

Thanks for the reply Tirzah. 

 

My question still remains unanswered though. I'm trying to have a particular transaction (a Profit Sharing contribution to be exact), that was done in 2022 to address the 2021 tax year, NOT show up on the Profit & Loss for 2022.

 

Do I simply need to go to the register for that account and change the date to sometime in 2021 or is there a better way to accomplish this?

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