How do I carry balances forward into next financial year? Appears impossible?

Hi, ccoles3.

I can help share some insights concerning carrying balances into next financial year via QuickBooks.

The expenses and revenue will be zeroed out and will go to their respective account at the end of the year. While your net profit or loss into your Retained Earnings account. This way they will have a zero balance for the start of the next accounting period and only current balances will exist in these accounts.

Your Retained Earnings account shows the total of your company's income and expenses from all previous years. Closing your books means locking everything entered before the closing date. This is an important step to ensuring everything stays the way you want it to.

You can get more details in these articles:

• How to close the books.
• How to view Retained Earnings account details.

For account discussion, feel free to reach out to our QuickBooks Online Support.

1. Sign in to your QuickBooks Online Company.
2. Click (?) Help at the upper right corner.
3. Select Contact US on the pop-up.
4. Enter a brief description of your concern then hit Continue.
5. Click Get a callback.
6. Enter your contact information.
7. Select Call me.

Don't hesitate to reach out to me if you have additional questions regarding the next financial year in QuickBooks. I'll stick around to help you out.