Rollover to the new financial year

[nikki_syd]

Am new to the Quickbooks environment and have been left clueless as to what happened to the balances overnight.

What is Quickbooks' idea of the MYOB 'start new financial year'? How come there are no opening balances in any of my income accounts? What happened here?

Any help will be much appreciated.

Many thanks.

[suzannemead]

When a new fiscal year starts the iincome and expense accounts start from zero again. The numbers from the previous fiscal year make up your profit or loss for that year and are transferred into the Retained Earnings account. The balance in that account is a total of any profits made or losses incurred over the life of the company.

[nikki_syd]

Thank you for your reply Suzanne. Much appreciated!

As a non profit company we have many projects that receive government grants and incur expenses. The project managers would like to see the year-end balances for their respective projects.

1. Is there a way i can generate profit or loss reports for them for individual projects?

2. How can i find out the funds remaining from a particular grant at the end of the financial year?

3. Will making a journal entry to transfer retained earnings as opening balance for thew new financial year make sense?

Thanks for your assistance.

Regards,
Nikki

[strands]

Nikki

I've never seen the not for profit version but my understanding is that it's a cut down version of the standard one. There should be a report by job/class which will give you the results by project. In the "ordinary" version this is one of the reports/profit and loss options. If you want them separately then just use a filter by project on the basic report.

Vic

[suzannemead]

The profit or loss that has accumulated will automatically become Retained Earnings when the new year starts. QB does this for you.