Skip to main content

Site Navigation

Your Account

Choose Language

  1. On weeks you didn't run you do not need to add anything under INCOME.
    • On weeks you didn't run you do not need to add anything under INCOME.

    • You'll notice that the net settlement is a (-) negative number.

    • The negative expense is already being expensed once to you here so you do not need to expense it in your next settlement.

  2. Unless you already have a sub-category for Previous Balance please add one now. Select ADD NEW
    • Unless you already have a sub-category for Previous Balance please add one now. Select ADD NEW

    • Select RETAINED EARNINGS. Learn more about this category

    • Enter the name of the transaction so you can easily refer back to it on future settlements. Click ADD

    • With the sub-category linked with RETAINED EARNINGS this amount will be deducted from your settlement so it balances out but will not change your income or expense for taxes.

  3. After you add the amount of the Previous Balance then you'll see your net settlement decrease and match the settlement in your hand. This was the goal all along.
    • After you add the amount of the Previous Balance then you'll see your net settlement decrease and match the settlement in your hand. This was the goal all along.

    • Also, if you go and check on your Business Report you'll notice that the PREVIOUS BALANCE amount was not deducted as expenses again since it was in the previous week.

Finish Line

5 other people completed this guide.

Aaron

Member since: 11/02/2011

9,870 Reputation

19 Guides authored

3 Comments

I need to see the total in the PREVIOUS BALANCE so I can subtract it from the Maintenance Account.

Gary - Reply

Is there away to have a Maintenance Account so you can subtract from it, so it won’t show up as income?

Gary - Reply

Hey Gary, In this situation if you have a “Maintenance Account” named sub category that is linked to “RETAINED EARNINGS” then yes you can simply add a NEGATIVE (-) to add money to the settlement without adding taxable revenue.

Aaron -

Add Comment

View Statistics:

Past 24 Hours: 0

Past 7 Days: 0

Past 30 Days: 6

All Time: 510