I've completely forgotten how to do this: How do you show previous years P/L figures in VT if you have taken on new client? I know I have to journal them in but how do I post last years net profit?
All of your opening balance contra's taken from the last years accounts are entered on the closing day of the prvious period giving you both your opening balances for the new period and the comparatives from the previous one.
Shaun.
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Shaun
Responses are not meant as a substitute for professional advice. Answers are intended as outline only the advice of a qualified professional with access to all relevant information should be sought before acting on any response given.
OK, yes...so I do just that, post all the balances from the profit/loss from the previous year via a journal. (I want to do this so when I print the P/L for the client it shows last years figures as well) Then I am left with a total (the net profit) and I have to do something with it, I cant just save the journal ....so what do I do with it? I know I done this before but cant remember .....
I know, I'm sitting here wearing a superhero mask and cape and everything
Think that you are getting slightly confused between figures that you input and figures that will be automatic.
As you appreciate the net profit / loss will be transferred (by the software) to the capital account in order to keep the balance sheet in line. You don't input the profit figure for the P&L you input the figures that create it.
You do input the B/Fwd P&L figure for the balance sheet (from the year before the year before the one that you are processing).
I've got to go out for a while now but when I get back if there is still confusion I'll put together a small example with Contra's P&L and B/S so that you can see a worked example. It won't be anything fancy and it may be very late or tomorrow before I post as it's going to take me a while to put something together.
Once you see it and work through it though I'm hoping thay everything should drop into place re opening balances.
kind regards,
Shaun.
__________________
Shaun
Responses are not meant as a substitute for professional advice. Answers are intended as outline only the advice of a qualified professional with access to all relevant information should be sought before acting on any response given.
Thanks Shaun and yep mind still blank....so your help very much appreciated. I will wait till you come home ( dressed in your super hero mask and everything)
here we go, bit of a bastardisation of an actual VT set of accounts (numbers changed, some items removed and all names removed) fingers crossed you will be able to track everything between the P&L and B/S from the journals that created them but if not just post any follow up questions and I'll get you sorted.
Do you see now what I mean about the net loss from the P&L autmatically goes to the capital account in the B/S. Thats calculated from other figures where the brought forwards capital account balance is journaled.
With the list of journals I've broken them into two parts with the current period depreciation and Accountancy fee's not being part of the Opening balance Contra journals. Also I changed the detail field to hold the actual VT primary:secondary allocations which should make it easier for you to see where they go.
Hope thats all falling into place now but any issues with any of it just post again and I'll go into more detail on any part thats giving you grief.
kind regards,
Shaun.
p.s. Right, better take this superhero costume off now as my girlfreind says that I'm only supposed to wear it when she comes around to visit.
Responses are not meant as a substitute for professional advice. Answers are intended as outline only the advice of a qualified professional with access to all relevant information should be sought before acting on any response given.
