Balance Sheet Today

I’ve just checked my balance sheet, and it is showing the date to 05/04/2015, the end of the tax year.

But the P&L is showing the figure that was at the end of the year, plus today’s profit so far.

Do I need to set that P&L back to zero and shouldn’t the balance sheet be now showing the date to 05/04/2016?

I just ran the year end tool and now my balance sheet is showing to 05/04/2016 and the P&L has been moved to 3101 “Retained Profit & Undistributed Reserves” is this right? This is showing on my balance sheet.

Also still showing on the balance sheet is 3100 “Proprietor or Partner Drawings” showing last year’s drawings, should that not be set to zero?

Yes that sounds correct, when you run the year-end all the P&L balances get moved over to retained profit. 3100 wouldn’t be touched as it’s not a P&L code (4000-9997).

Thanks Glenn.

After I posted I actually undid the YET, re-set my year end to 31/3/2015, then ran the YET again.

My chart of nominal accounts for that year is now blank apart from the assets and liabilities & capital and reserves sections, is it supposed to be like that?