I have been using Quick Books 8 for a few years for the very few clients whose accounting affairs have become too burdensome for a hand-written Accounts Book. Whenever I look at the "Equity Account", I see that it doesn't take the format of old traditonal book-keeping of:
Balance - Brought Forward
Add: Net Profit (and other categories)
Less: Drawings (and other categories)
Balance - Carried Forward
Can anyone advise me of the key-strokes that are needed to convert "closing the old year" into the "opening balance" for the next year, please?
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As far as I recall Quickbooks doesn't do it automatically, you need to do journal entries.