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Reconciliation - How do I clear away the balance from 2018?

BeithovenBeithoven Member Posts: 1

Hi all, very new to Wave hope to get some help here.

I'm trying to start off 2019 afresh, but for 2018, I already have some entries. How do I clear off the remaining balance from 2018? Do I have to delete all the invoices etc. from 2018 to start clean?

Thank you very much.

in Accounting Technical Support

Comments

  • MikegMikeg Member Posts: 995 ✭✭✭

    Beithoven,
    If you are saying that you want to see zero balances as of 1/1/19, I would think the easiest way to accomplish this is to do a journal entry. Your would debit and credit the accounts so as to negate the opening balance. Use a date of 12/31/2018 so that it does not show up as of 1/1/19. Not sure why you would do this if the business was operating in 2018, You would have balances that are carrying forward like cash etc.
    Mike G, CPA
    www.mgfinancial.net
    Affordable Solutions For the Small Business

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