I have an electricity account and when I start a new year the balance goes to zero but I would like to keep the balance of my account running so if I open up the electricity account after I have done the end of year adjustment and input the opening balance then the balance should keep going but I am finding that when I put in the opening balance for the present year it adjusts the figures for the previous years therefore it throws all the figures out surely it should just adjust the figure for the year I am working on I hope I have made this clear.
Hi Beryl,
It is very unusual to keep the balance of an expense account after the start of the financial year - all expense accounts are normally reset to zero at the start of the financial year. Note that you can still see the total Electricity costs over multiple years by looking at the Profit and Loss report.
If you still want to adjust the balance of the Electricity expense account, create a General Transaction from the Retained Earnings account to the Electricity account dated at the end of your financial year.
Regards,
