setting up amounts on B/S & P&L
hynes_1988
Member Posts: 1
I have set up the chart of accounts and would like to enter current year amounts. How do I do that without all the amounts going to Retained. The amounts for P&L are current year.
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hynes_1988
Member Posts: 1
I have set up the chart of accounts and would like to enter current year amounts. How do I do that without all the amounts going to Retained. The amounts for P&L are current year.
Comments
Hello @hynes_1988 ,
I assume this means you had pre-existing Books and are transferring the information to Wave. You would make 3 Journal Entries.
One year end last year (assuming the business was operating last year, to establish the Balance Sheer amounts).
One this year as of the date of your reports for all Profit and Loss accounts activities. The ending line item transaction will be against your Bank Account, or Cash on Hand account.
One this year as of the date of your reports for all Balance Sheet account activities. The final adjusting entry would be against the Bank or Cash on Hand account in order to zero out the adjustment.