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Accounting, Payroll & Pension Issues/transfer funds to next year
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Question
Hi Ed,
Sub S company. Next fiscal year will be very low on income. In fact, may not be any after 15 successful years. Can we transfer dollars into next fiscal year to use for business expenses as new business is cultivated? If so, how. Use QuickBooks Pro.
Thanks.
I don't understand your problem.
The company is failing to show a profit due to low sales, probably to show a net operating loss. That means you won't have a dividend to distribute and pay taxes on.
This shouidn't impact your cash on hand and develop new business.
Good luck.
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Accounting, Payroll & Pension Issues
Answers by Expert:
Ed McFarland
Expertise
Over 20 years of experience as a CFO, Controller and now Consultant to small businesses. Dealt with 401k, 403b, deferred comp plans, key man issues, disablity, business continuation plans, HSA plans and other benefit issues.
Experience
Management experience in Financial Services, Manufacturing, Media, Logistics. Taught graduate and undergraduate business courses.
Education/Credentials
MBA
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