How do I roll over a balance sheet at the end of the month?
submitted by Laluh John

ren_montague

To roll over your balance sheet, you need to make sure all income and expense accounts are closed out. Transfer them to retained earnings. After that, you carry forward the ending balances of your assets and liabilities to be the starting balances for the new month. It's like resetting the temporary accounts but keeping everything else going.

sharky

Close your income and expense accounts so they don't carry over, and then update your assets and liabilities with their ending amounts. Those ending balances become the starting points for the next month's balance sheet.