Setting up new account - how to record previous year's loss

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Kez Ptolemy
Kez Ptolemy Member Posts: 3 Novice Member Novice Member
edited October 2024 in Reckon One
I'm setting up the trial of Reckon One and have entered all transactions for this FY. My sole trader business made a loss last year (still starting out) - how do I record that so that it shows on my P&L report?

Thanks! (I have very basic accounting knowledge but have previously used MYOB for my ex-husband's business).

Comments

  • Zappy
    Zappy Accredited Partner Posts: 5,314 Accredited Partner Accredited Partner
    edited August 2019
    You need to enter the trial balance from your financials for the previous year.
  • Kez Ptolemy
    Kez Ptolemy Member Posts: 3 Novice Member Novice Member
    edited November 2016
    Do I do this as a journal entry? I think I'm stuffed because I started the book as at 1/7/16 so it won't let me record an entry prior to that.
  • Zappy
    Zappy Accredited Partner Posts: 5,314 Accredited Partner Accredited Partner
    edited August 2019
    Yikes! You are in trouble.
  • Zappy
    Zappy Accredited Partner Posts: 5,314 Accredited Partner Accredited Partner
    edited August 2019
    Oh and myob works EXACTLY the same way
  • Kez Ptolemy
    Kez Ptolemy Member Posts: 3 Novice Member Novice Member
    edited November 2016
    Bugger... Looks like I'll have to start again - luckily there's not a huge amount of entries. But that's a problem for another day :) Thanks heaps, Kevin.
  • Zappy
    Zappy Accredited Partner Posts: 5,314 Accredited Partner Accredited Partner
    edited August 2019
    This is what I do. Tell no one
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