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whty
July 1, 2022
Question

Carry Over Balance

  • July 1, 2022
  • 1 reply
  • 0 views

Hello - Any recommendations for carrying over an ending balance for classes into the subsequent fiscal year as starting cash? We run simple P&L reports for users to see where they are during the fiscal year - if we do not include their carry over these will show negative balances (they are not numbers people) but I also do not want this to show as income for the year, because it is not.  Some may even have negative balances caried over, which we would also want to show.

 

Any suggestions?? 

1 reply

Q
QBsguru
July 1, 2022

Create an income account and call it Balance Forward, Prior balance or whatever you want to distinguish this account.  It should be listed as the first income account in the chart of the accounts.  Create a journal entry and debt the TOTAL for all classes.  Do not include a class on this line.  Then add a line for each class and record positive balances as a credit and negative amounts as a debit.  Include a class on each line.  This will then show up when you run the profit and loss by class, but show up as a zero when you run a standard P&L.  You have to do this at the beginning of each year.  

W
whtyAuthor
July 1, 2022

Thanks,  I will give it a shot.

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