Sole Trader 2nd year accounts in IRIS

SS83
SS83 Registered Posts: 9 New contributor 🐸
edited June 18 in AAT member discussion
I have only ever had one sole trader client (I normally only deal with limited companies) and I am in the process of preparing their second year accounts in IRIS from records kept in FreeAgent. I am posting the amounts into IRIS directly from the FreeAgent TB but I am not sure where to post the brought forward profits from the first year, anyone know?

Thanks

Comments

  • Rozzi Rainbow
    Rozzi Rainbow Registered Posts: 462 Dedicated contributor 🦉
    For a sole trader (or a partnership) the brought forward profits are allocated to the trader's current account - the balance of the current account = opening balance + capital introduced + profit for the year (or - loss for the year) - drawings.

    So the profits from the first year will just form part of the opening balance on the current account - Iris code 985/1*1 (I think, that's off the top of my head!).
  • SS83
    SS83 Registered Posts: 9 New contributor 🐸
    Perfect, thanks so much Rozzi :-)

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