How does the 'retained profit' work? Does it auto-populate or do I need to do a manual transfer?
Retained profit
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#1 Posted by Admin Support staff on 31 Jan, 2013 10:10 PM
Hi Lynsay,
It's a manual transfer. What I normally do is transfer the profit after corporation tax from the profit and loss account over to the retained profit account.
http://easybooksapp.com/corporation-tax
You can of course leave the amount in the profit and loss account, after all it's in the same category, but I just prefer to run mine this way.
I hope that helps,
Mathew
#2 Posted by Lynsay Bennett on 31 Jan, 2013 10:21 PM
Thankyou for your quick reply! - also, how does the 'income tax due' work? Should I key in this figure after I've consolidated the p&L for the tax year or before?
#3 Posted by Admin Support staff on 01 Feb, 2013 10:38 AM
Hi Lynsay,
Once you've worked out the tax due, just add a transaction between your profit and loss account and the "tax due" account. This is then how much you're owing, and will show on your balance sheet under current liabilities.
I normally work out the figure for the tax year, then enter it on the last day of that tax year. Afterwards, I run the P&L report and consolidate.
Mathew
Admin closed this discussion on 20 Feb, 2013 12:57 PM.