Year end 2013-2014

Accounting
1

Trying to zero everything for year end thought I had done it but bank account and purchases are still there from last year. Please help

2

You don’t need to zero your bank accounts and invoices when completing a year-end. You just need to journal the balance from your profit and loss account to the balance sheet (i.e. to retained earnings) and lock down the previous accounting period.

Quick File has a built in year-end tool, you can find out more about this here.

http://help.quickfile.co.uk/main/1/simplified_year-end_tool.htm

3

Thank you Glenn.

I think i sorted it all out apart from my bank account balance has not gone back to zero. How do i zero this on 31/03/14. Or do i have to do it manually ?

Thanks
Regards Paul Holdsworth

4

Hi Paul,

As @Glenn pointed out:

You don’t need to zero your bank accounts and invoices when completing a year-end

Your balances from your nominal codes are just transferred, but your bank account would still hold the money in it.

Hope this helps?

5

Thanks i understand i think. But at a glance i don’t know how much money i have taken this tax year if it always adds previous years monies ??

6

The chart of accounts will show you the NET position on any nominal account for any period specified. A bank account is really just a nominal account so can be viewed in the same way. You can also pop open the advanced search box within the bank statement to get a similar balance for a date range along with all the transactions.

7

Yes sorted if i just go into profit and loss account in Reports it gives me my running total for this year only.

Fantastic thanks

Regards Paul

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