QB Issue Resolution:
“I do see many people saying that by end of the year/beginning of next fiscal, net-income get automatically transferred to ‘Retained Earnings’ Account. (or in other words, ‘Net Income’ from previous year in Profit-Loss Report will be equal to retained earnings value.”
Did anyone ever enter “Trial Balance” data in this file, for your prior year(s) of operation? Is this the first year of business for you?
“However I do not see any info in the Retained Earning account Report or no item in ‘Balance Sheet’ report . Please help me to understand,”
Run the P&L for this fiscal year. Look at the Net Income at the bottom. Run the Balance Sheet for the same This Fiscal Year. The same Net Income is in Equity. Now you proved you have a proper perspective; the Balance Sheet entry is explained in detail by referring to the P&L.
Now, change the Balance Sheet date to “as of the first date of the new fiscal year” = one date Later than the P&L. You should see the Net Income line is gone (unless there is activity in the P&L for this first date of the new FY) and you should see Retained Earnings is holding that value, now.
I attached an image from the Desktop reporting.
Resolution for Issue '‘Retained Earning’ Account not showing any value Hi, I do use QB online version, When I run Report on ‘Retained Earnings’ Chart of Account- it says ‘no data’. I do see many people saying that by end of the year/beginning of next fiscal, net-income get automatically transferred to ‘Retained Earnings’ Account. (or in other words, ‘Net Income’ from previous year in Profit-Loss Report will be equal to retained earnings value. However I do not see any info in the Retained Earning account Report or no item in ‘Balance Sheet’ report . Please help me to understand, Thanks' available: Yes (Solved).
Source: Intuit Community forum.
‘Retained Earning’ Account not showing any value Hi, I do use QB online version, When I run Report on ‘Retained Earnings’ Chart of Account- it says ‘no data’. I do see many people saying that by end of the year/beginning of next fiscal, net-income get automatically transferred to ‘Retained Earnings’ Account. (or in other words, ‘Net Income’ from previous year in Profit-Loss Report will be equal to retained earnings value. However I do not see any info in the Retained Earning account Report or no item in ‘Balance Sheet’ report . Please help me to understand, Thanks: this issue or error code is a known issue in Quickbooks Online (QBO) and/or Quickbooks. Support for this issue is available either by self-service or paid support options. Experts are available to resolve your Quickbooks issue to ensure minimal downtime and continue running your business. First try to resolve the issue yourself by looking for a resolution described below. If it is a complex issue or you are unable to solve the issue, you may contact us by clicking here or by using other support options.
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