using a monthly bookkeeping method Do I carry over the previous years profit or loss or start over each year?

Posted: 23-06-2010 | Author: admin | Category: Small Business


I have a small business and just trying to figure out what I’m doing as I go… Help!

Category: Small Business by admin

4 Responses to “using a monthly bookkeeping method Do I carry over the previous years profit or loss or start over each year?”

  1. The Coolest Mommy Ever, on June 25th, 2010 at 2:22 am Said:

    start over i belive

  2. EVELYN A, on June 27th, 2010 at 3:13 am Said:

    Hopefully you are using Quickbooks…you do carry it over. I just took a Quickbooks class and that is something we were told.

  3. Yarcofin, on June 28th, 2010 at 12:50 am Said:

    Anything on the income statement (revenues, expenses) is reset at the beginning of each year.

    Anything on the balance sheet (assets, liabilities, equity) stays permanentally.

  4. Kelvin C, on June 30th, 2010 at 6:50 pm Said:

    It depends on your accounting method. If you use a cash method or an accrual accounting method.

    This might help;

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