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Post Info TOPIC: Year End Loss
Sweden


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Year End Loss
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Hi, hope someone can help.  I work for a charity and am attempting to do the end of year accounts. We've ended our 2008 year with a loss (ie owed money to several customers) but plan to pay these bills from our 2009 funding. How do I record this at the end of 2008 financial year so that we start a deficit for 2009.

Thanks in advance.

Pat

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lil miss


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Hi pat,

Rolling forward a deficit from 2008 (into the balance sheet) is seperate task to showing outstanding balances owed to customers.

The customers that you owe money to should have outstanding balances on their debtor accounts in the Charities balance sheet.

These balances are simply 'rolled over' at the year end (as part of the current assets section on the balance sheet) and they can then be paid in 2009.

Your loss for 2008 is rolled into the balance sheet, as a surplus would be.

hope that helps.
lil miss

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Sweden


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Hi Lil Miss,

Thanks for your help, looking at the balance sheet I can see what you mean, I was getting a little confused as this is my first year end.

Thanks again.
Pat

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