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MALLEN1981
October 28, 2021
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New to quickbooks, how do i record previous year loss before entering this years figures?

  • October 28, 2021
  • 1 reply
  • 0 views

Hi there, I have been doing my own books for the last few years, and have decided to give this a try, but I can't seem to work out where or how I register my previous years loss that I have carried over to this year for my records before I start entering in all my incomings and receipts for this year? hope this makes sense in what I am asking? thank you 

Best answer by AileneA

Hello, MALLEN1981. 

 

Let me share with you some details about recording previous year in QuickBooks Self-Employed (QBSE).  

 

QBSE is designed to help you record your self-employed income, expenses, track mileage, and prepare your Schedule C.  

 

If this transaction is an expense to your company, you have an option to post the amount to your expense account. 

 

Here's how: 

 

  1. Go to the Transactions tab on the left side. 
  2. Hit Add transaction. 
  3. Enter the Date, Description, Amount, and Type. 
  4. Under Category and Tags, choose Expense. 
  5. Tap Save. 

 

For more information about categorisation, check out this article: Categorise transactions in QuickBooks Self-Employed.

 

After that, you can run the Profit and Loss report to review all the data you've entered into the system.  

 

I’d also recommend working with your accountant for additional guidance. To ensure your book won't mess up. If you’re not affiliated with one, you can check our ProAdvisor page and we’ll help find one from there.   

 

Please browse through these articles and video tutorials below. Using these links will help you to get started and manage your account. 

 

 

Let me know if you need further assistance about this process. I'll be here to help. Take care.

1 reply

A
AileneAAnswer
October 28, 2021

Hello, MALLEN1981. 

 

Let me share with you some details about recording previous year in QuickBooks Self-Employed (QBSE).  

 

QBSE is designed to help you record your self-employed income, expenses, track mileage, and prepare your Schedule C.  

 

If this transaction is an expense to your company, you have an option to post the amount to your expense account. 

 

Here's how: 

 

  1. Go to the Transactions tab on the left side. 
  2. Hit Add transaction. 
  3. Enter the Date, Description, Amount, and Type. 
  4. Under Category and Tags, choose Expense. 
  5. Tap Save. 

 

For more information about categorisation, check out this article: Categorise transactions in QuickBooks Self-Employed.

 

After that, you can run the Profit and Loss report to review all the data you've entered into the system.  

 

I’d also recommend working with your accountant for additional guidance. To ensure your book won't mess up. If you’re not affiliated with one, you can check our ProAdvisor page and we’ll help find one from there.   

 

Please browse through these articles and video tutorials below. Using these links will help you to get started and manage your account. 

 

 

Let me know if you need further assistance about this process. I'll be here to help. Take care.

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