User Support Forum

If I have not yet closed out the end of year, how do I carry forward net end of year balance to the current year?

Which version are you using.

The latest two versions don't close end-of-year. If you are using an older version, then you have to close end-of-year to get the balance to "carry forward"

In the current versions, closing December is analogous to closing end-of-year. All the equity accounts are brought up-to-date at that point.

We are using Version 10 Plus. When preparing Income Expense Statement for Jan 2010, the year end (12/31/09) net balance will be included, once I close out the end of year? Or are there additional steps to follow?

In version 10, you don't "close end of year" anymore. You close December month. That will do a "year-end" thing with the equity, and your financial statements will be updated appropriately.

No additional steps. Just close end of month for December 2009.

The "closing to equity" actually happens any time you run a report, not when you close the month.

You don't have to close the month until you reach the end of your range of 18 open months.

After closing the month of Dec 2009, I attempted to print out the Income Expense Statement for Jan 2010, however, the dec 2009 balance did not carry forward. Your advice did not work? What else can be done? Thanks for your help.

Your balance sheet for January 2010 - January 2010 should show the correct balances.

Your income and expense statement has to have a range a dates. January 2009 - December 2009 will show you the correct income-over-expenses for the year that will match with your balance sheet.