On 2/21/2019 12:59 AM, Adrien Monteleone wrote:
If you don’t ‘close books’ there really aren’t any ‘brought forward’ numbers.
(there’s nothing to bring forward from, the books are still ‘open')
If your books don’t agree with your CPA, you’ll have to make the adjusting
entries he recommends.
I think the latter are probably the issue.
Please confirm for us whether or not, when your accountant gave you
"adjustments" you entered them. I think the confusion is about what the
process was in the old days. Close the books (for external transactions)
and then enter adjustment transactions.
The balances of the "standing account" (asset, liability, equity) are
what would be "brought forward" to the start of the new accounting
period. Those are what show on a "Balance Sheet"
Michael D Novack
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