Fiscal year ends August 15. However, when I do a Balance Sheet for Aug. 16-Aug. 15, it shows the profit for August 1-15 of the current year instead.

Hi hjbartel,  

When your fiscal year ends on August 15, the new fiscal year begins on August 16. Any profit earned during August 1–15 is transferred to Retained Earnings once you close the books for the previous fiscal year.

It seems that the books for the fiscal year ending August 15 may not have been closed yet. As a result, the net income for August 1–15 might still be sitting in the Profit and Loss accounts rather than being moved to Retained Earnings.

Here's how you can close your books: 

1. Go to the Home (Dashboard) page and click the Settings (gear icon) in the upper-right corner.
2. Select Account and settings and navigate to the Advanced tab. 
3. Hit Edit next to the Accounting section.
4. Enable the Close the books option and set the Closing date to August 15. 
5. Choose the Allow changes after viewing a warning and entering a password option. 
6. Click Save and Done.
   
   

Once the books are closed, the net income will automatically transfer to the Retained Earnings account on your Balance Sheet.  

If you're unsure about your transactions or how they’re recorded in QuickBooks Online, your accountant can help ensure your data is accurate before you close the books. They can also guide you in correcting any discrepancies.  

Feel free to reach out if you need further assistance. We're here to help.