Closing the books, Opening Balance & Profit & Loss

[Wiliam Colls]

On 02/01/2012 07:25 PM, AndreeCrist wrote:
> Hi,
>
> I've been googling for hours, desperate to figure this one out. .
>
> So my year end is 01/04/2008 - 31/03/2009.
> I have moved transactions on the 31st to the 30th.
>
> I have closed the books on the 31st. .
>
> Now before I closed the books, the profit&  loss was showing a loss of say
> £15k.
> Now the books are closed, the profit / loss is balanced to zero with the
> balance coming from a -£15k value in the Equity:ClosingBalance:2008-2009 . .
> all good.
>
> Now If I move the accounting period to 01/04/2009 - 31/03/2010 .. [next
> fiscal year] .. then I really want to start this next new day / year..
> showing we have a loss which were carrying forward.. of the £15k from the
> previous fiscal year. .
>
> -- this is where I get a bit shakey -
>
> How can I carry this loss through onto the next year ? The overall net value
> has remained the same, but how to carry the loss over ? Really stuck on
> this.. maybe I'm just being a moron here..

The loss is carried forward in the equity (balance sheet) account, not 
in you income/expense accounts. For the year 2009-2010 your opening 
balance in the equity account is 15K less than it was for 2008-2009, 
reflecting that loss.

HTH.

William

>
> Please help.
>
> Kind Regards,
> Andree
>
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