Trading Losses
Question asked by Siobhan Bowers 8 years ago
How to carry forward a trading loss in the clear books accounting system from the preceding tax year if the loss is larger than the aggregate of preceding tax year's income?
Hi Siobhan,
Sorry that no one has got back to your regarding this query.
The software will automatically process a journal at the end of each of your financial periods that will move any cumulative profit or loss into the retained earnings account. The Profit & Loss report will start the new financial year with a £0 balance.
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