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Intuit
4 helpful votes

Chart of Accounts doesn't show income and expense totals

In the Chart of Accounts, the balances in the Asset, Liability, and Equity accounts are running total balances, which means they will remain in those accounts regardless of the date. The Income and Expense accounts, are cleared every financial year and the amounts transferred to the Retained Earnings account.

Because they vary according to the date range, they are not displayed in those accounts. Instead, they are displayed on the Profit and Loss report, where you can control the date range. You can access the Profit and Loss report directly from the Reports menu.

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