Closing the books, Opening Balance & Profit & Loss

[Ian K]

>From a personal accounting point of view, I would set up an expense account
called something like 'Loss brought forward', then on the first day of the
new accounting period, make a transfer from an  Equity account to this new
expense account of the £15k. You could set up a new Equity account, or make
the transfer from the 2008/09 Closing Equity account (setting it's balance
to zero).
This way your net assets remain the same, but you can see the £15k loss
brought into the current accounting period.

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