Hi,
I have taken over as treasurer of an existing society. Previous years' accounts were prepared on an excel spreadsheet. I have now reached the end of the first year of my tenure and would like to be able to produce a profit and loss account that compares last year's results with this year.
How should I insert the net balances spent / received last year in relation to each account?
Thanks,
Hi Louise,
Create a General Transaction dated in the previous financial year. Tick the 'multiple accounts' box, then enter your sales income in the 'From Account' table and the expenses in the 'To Account' table. Finally add the profit amount in the To Account table allocated to 'Retained Earnings' (this should balance the transaction).
These figure will then show in the Profit and Loss report if you set the report period to be the previous financial year.
Cheers,
