The "Transaction Detail by Account" report may not display opening balances of zero for income and expense accounts at the start of the fiscal year in Small Business Accounting (908809)
The information in this article applies to:
- Microsoft Office Small Business Accounting 2006
- Microsoft Office Small Business Management Edition 2006
SYMPTOMSThe opening balances of the income and expense accounts may not be zero ($0.00) as you expect in the "Transaction Detail by Account" report in Microsoft Office Small Business Accounting. This problem occurs when the From date is set to the first day of the fiscal year. You expect these accounts to have opening balances of zero at the start of the fiscal year.CAUSEThis problem occurs because the previous fiscal year has not been closed.RESOLUTIONTo resolve this issue, close the previous fiscal year.
For more information about how to close the fiscal year, click the following article number to view the article in the Microsoft Knowledge Base:
906095
How to close the fiscal year in Microsoft Office Small Business Accounting
MORE INFORMATIONWhen you close the fiscal year, the program creates journal entries to zero out all the income and expense accounts. The program applies the resulting profit or loss to the Retained Earnings system account. The opening balances for the next year will then be zero for these accounts.
When you generate the "Transaction Detail by Account" report, you will see the opening balance in bold, a listing of all transactions that fall in the range of the From and To dates that are selected, and an ending balance. The opening balance in bold will include everything before the From date in the Date Range area of the toolbar.
| Modification Type: | Major | Last Reviewed: | 11/2/2005 |
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| Keywords: | kbtshoot kbMBSMigrate kbprb KB908809 kbAudEndUser kbAudKnowledgeWorker |
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