Trading Losses

Question asked by Siobhan Bowers 8 years ago

How does Clearbooks carry forward a trading loss from the preceding tax year if the loss is larger than the aggregate of preceding tax year's income?

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2 Replies

Hi Siobhan

Clear Books processes a journal behind the scenes. It moves the profit for the year to the retained earnings account so the same process would occur for a loss.

Thanks, Theo

Best answer
8 years ago

Thank you Theo - just wanted to confirm that.

Kind regards,

Siobhan

8 years ago

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