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.
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.
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.
Hi I would like to ask about the opening balance of Profit and loss in tally since I am going to import those data into quickbooks. It shows that the profit and loss in tally was imputed under assets while in quickbooks is in Owner's Equity. Thanks
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