Tag: fiscal year
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What to do when there is a difference in closing retained earnings for this fiscal year and opening retained earnings for the next fiscal year
If the amount on the Profit and Loss report is different from the amount currently displayed for the Retained Earnings account, it’s possible transactions only affecting Balance Sheet accounts may have been entered against Retained Earnings account. You can see these user-created transactions on the account Quick Report directly from the Chart of Accounts. Go…
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How to close down a prior period with a password
To close the books from the home page screen: Click the Gear icon > Company Settings. Select Advanced > Accounting > Close the books. Enter a Closing date. Transactions dated on or before the closing date can’t be changed without warning. Choose how you want to allow changes: Choose Allow changes after viewing a warning to display a warning message…