Did you carry forward opening balances for the Profit and Loss Statement?

When you go into the new year carrying over the opening balances of the previous year, make sure you don't also carry over the account balances of the Profit and Loss Statement, because it is a mistake. If you did so, you must set these balances to zero in one of the following ways:

  • Go to the Accounts table, Opening column, select all the opening balances of the income and expenses accounts and delete them.
  • From the menu Actions menu > Update opening balances, select the previous year's file and in the dialogue window Carry forward new balances, deactivate the box in the Profit and Loss Statement.