Year end - balances summary query

[Scott74]

Hello,

I have been meaning to ask this one - after completing last years year end i have noticed that the summary balances are still accruing but including the previous years figures also. I can go into the reports and edit the search criteria but should the balances (Loan accounts, CIS, Drawings etc) on the summaries just be this years?

Hope that all made sense and any advice would be much appreciated.

Scott

[QFMathew]

Hi @Scott74

What you would generally notice is profit/loss from the year should be moved to a different nominal code on your balance sheet (Retained Profits and Reserves). When it comes to the bank balances (such as your loan accounts, drawings etc.), then these will continue to increase/decrease, just as a normal bank balance would.

However, with drawings, there is a journal you can use to move these to a different nominal account. I’ll see if I can dig up the post and come back to you regarding this shortly. This post should help with this:

Sole trader drawings on P&L

The first thing you need to do is have a capital account for the drawings account. If you don’t have one on your chart of accounts, you can add one by going to More Options > Add Popular Accounts: NOTE: Any sole trader accounts created since April 2017 will have this nominal account included by default. [image] Then you need to check what needs to go where. So in my example, I have introduced £5,000 capital to the business, and also taken £1,000 out: [image] If you have lots of entries, i…