Accounting issue - help needed

[YourFriend]

Hi

I would be grateful if someone here could help me out with this accounting issue.

I'm preparing abbreviated audit exempt account because my company is not trading yet. I had to pay for a few start-up costs and obviously, since there's no sales, the P&L shows a loss. I have now to report for the second accounting period and it's a loss again (no sales).

Usually I have little trouble to complete my balance sheet, but I don't know how to report two consecutive losses. How do I do that? Do we have a retained losses account - opposite to retained profit ? does it shows as negative reserves. In the CH template I only see "other reserves" as fit.

Many thanks

[robindunne]

Probably easiest to put it in the Directors Loan account. Total up the amount you've put in the business and haven't taken back out and carry that balance in the DLA.

Shouldn't you employ an accountant if you're struggling?

[Scalloway]

Usually I have little trouble to complete my balance sheet, but I don't know how to report two consecutive losses. How do I do that? Do we have a retained losses account - opposite to retained profit ? does it shows as negative reserves. In the CH template I only see "other reserves" as fit.

Many thanks

Retained Losses are a negative reserve in the balance sheet.

[JosselinD]

Thanks to the both of you.

I shall employ an accountant in due time: when I've got customers, until then...