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

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:

• Reconcile an account in QuickBooks Online.
• Learn the reconcile workflow in QuickBooks.

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.

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?

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?