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Balance sheet report of first year with prior years?

HorizonHorizon Member Posts: 4

Hi,

We launch our company in May 2019 and at this end of the year, the Balance Sheet Report has prior years numbers in EQUITY. I don't really get this part of the report. Is there someone who can help me?
Also, why December is not included and is on the side?
Thanks

Equity
Owner Investment / Drawings $1,020.00
Simon Hourly Payment -$16,778.65
Thomas Hourly Payment -$17,974.61

Retained Earnings
Profit for all prior years $42,424.93
Profit between Dec 1, 2019 and Dec 31, 2019 -$315.89
Total Retained Earnings $42,109.04
Total Equity $8,375.78

in Accounting Technical Support

Comments

  • EmmaPEmmaP Member Posts: 639 ✭✭✭

    Hi @Horizon! Are you able to share some screenshots of the report and what you are viewing? From these numbers alone it is harder to decipher what the report is showing. I assume you are creating the report for the year of 2019? Also when you say December is on the side, are you able to share a screenshot of that as well? Let us know!

  • CalciteGeorgeCalciteGeorge Member Posts: 1

    Hi,

    I have a similar problem with equity. When I start WAVE in 2018, I have a loss of 2188 from 2017. I put this amount in owner's equity and the problem now is this amount will not add in the 'Profits for all prior years' and every year, it shows the same amount in Owner' Equity, but this should be included in prior years profit. Please advise how can I change this?

    Thanks
    CalciteGeorge

  • CalliePCallieP Member Posts: 439 admin

    @CalciteGeorge hey there, thanks for reaching out. To clarify, equity accounts won't appear on the P&L statement, because the P&L accounts only for income and expenses, not equity or liability. You might find the insights you're looking for in the balance sheet, which does include equity and liability. To oversimplify it a bit: The P&L statement shows net income, or whether or not a company is in the red or black. The balance sheet shows how much a company is actually worth or its total value, which therefore includes equity & liability!

  • Darlene_McTavish53Darlene_McTavish53 Member Posts: 2

    I’m having a problem with my Balance sheet Equity section. The Profit for all prior years is overstated by $4107.00 compared to the Profit & Loss report and my T2. If I click on the field on the Balance Sheet the dates do not reflect the fiscal year I’m working on. I searched to see if I had entered something with a future dated entry but come up with nothing?

  • KiahDKiahD Administrator Posts: 267 admin

    Hey @Darlene_McTavish53 ,

    Without being able to see your reports, it's a little difficult to see what the cause of the issue is here. Would you mind posting a screenshot of these reports below, or send our Customer Support team an email so that we can look into your account? Feel free to send me a message if you need the link.

    One thing I would mention is that the total "profit for all prior years" is just that. So if you click on the field, it will take you to a modified P&L with a date range including all prior years, but not including the current fiscal year.

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