After running end of year process I am ready to start a new year.
I note in the capital and reserves section there are a couple of lines of figures (3100 and 3101)
Do I ignore these and carry on with my next year or do I have to do something with them as to make them go away?
Thanks in advance.
There is £1000 left in the current account to cover any expenses in the start the new year.
Hello @davepikecs
After running end of year process all of the balances on you Profit and Loss for last year are cleared down and moved to your balance sheet (3101). This figure is then carried forward into the next year
3101 is typically money you have put into the business as capital
As to what you do with the figures
If this is your first year on QuickFile and you did not enter an opening balance on 3101 then this is your profit/loss for last year and has been added to you balance sheet going forward.
3101, Is this money you have invested?, if so will the business be paying it back to you
This sort of information and queries are usually handled by accountants. If you don’t have an accountant, we have a panel of accountants to choose from, for more information, please see the following link:
This topic was automatically closed after 7 days. New replies are no longer allowed.