cancel
Showing results for 
Search instead for 
Did you mean: 
saintbernard
Level 1

How to carry over a previous P&L balance

Hi, hope someone can help me, im trying to find out how to carry over a previous balance from an old P&L account, in other words start the 1st month with an opening amount (the opening amount is actually a minus amount).  

 

Note the previous balance im carrying over is from an older accounting programme, not Quickbooks.

 

Appreciate any help out there.

Solved
Best answer January 19, 2018

Best Answers
lynda
Community Champion

How to carry over a previous P&L balance

Are you starting a new data file? Typically when you and one company file in an old program and moved to a new one, it’s done at year end. And then you use your ballot sheet as your opening balance and you enter it as a journal entry. If you’re moving your records over mid year, the best way to do this is to print out your trial balance, which includes your profit and loss figures, and enter that as your opening entry. Remember any of accounts payable and accounts receivable will need to be entered as invoices and bills.

View solution in original post

1 Comment 1
lynda
Community Champion

How to carry over a previous P&L balance

Are you starting a new data file? Typically when you and one company file in an old program and moved to a new one, it’s done at year end. And then you use your ballot sheet as your opening balance and you enter it as a journal entry. If you’re moving your records over mid year, the best way to do this is to print out your trial balance, which includes your profit and loss figures, and enter that as your opening entry. Remember any of accounts payable and accounts receivable will need to be entered as invoices and bills.

View solution in original post

Need to get in touch?

Contact us
Sign in for the best experience
Ask questions, get answers, and join our large community of QuickBooks users.
Sign In / Sign Up