Carrying income into the following year.
Is there a way to track an income that was assessed in 2008 and it wasn't spent within that year? Can the income get carried into 2009 to be expensed in 2009? How do you do this?
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03/07/09 12:26pm PST
The basic accounting equation for your business profitability:
Revenue
minus Cost of Goods Sold
minus Expenses
plus Other Income
minus Other Expenses
= your Net Income
Any net income or profit remaining in a year is reported on your Balance Sheet as Retained Earnings.
So, yes, you can have net loss one year, but still be a profitable business if you had prior year retained earnings.
Please mark this answer as solved or post additional questions. Thanks so much!!!
Laura Madeira
Author of "QuickBooks 2009 Solutions Guide for Business Owners and Accountants"
National Trainer for Intuit Accountant Trainer/Writer Network
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Laura Madeira
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10/28/09 9:04am PDT
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