A business was initially set-up on Quickbooks with a year end of 31 October 2006. It is proposed to extend the first year to 31 December 2006. Does anybody know of any reporting implications of this and any pitfalls to watch out for? For example will the software treat 1 January 2006 as the start of the current YEAR and run a year end transfer of profit and loss items to reserves as at 31.12.2005?
M T Thorts
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the current year end detremines the start of the year
i suggst that yu set up a memorised report for the other period and if appropriate put in a journal entry for the overlapping period. as it does not close off at the year end this is always the case.