Hi there
I appreciate your attempt at solving my query
I did mentioned we had a loss from previous years& previous accounting system to carry forward.
The journal would therefore need to
Debit retained earning account
credit account used to create the balance ??
Therefore here are my issues
with a journal creation, we need a double entry, so although the first line of the
journal is showing the loss under RE on the balance sheet correctly IE a - sign for negative,
when I am using the journal entry method...
The second line is the problem ....IE ending up under non current liabilities, surely we
would not create another equity account for the second entry?
Plus with regards to the Retained Earning account, unless I create a journal, there are no ways of adding an amount (ideally an opening balance for RE b/fwd) on this account as I mentioned on my first query mail.
I just want to see one line on my balance sheet , with the carried forward balance showing on it.
Isn't it what all balance sheet look like across the board?
Why is it so difficult to achieve here
The understanding of RE or how to create a journal is not the issue here.
Let alone that we are 2021, and this is a query re opening balance back on the 01/04/2018, when we went live with quickbooks online
Thanks for your help if you can
