Chart of Accounts QB Balances

Income and expense accounts are shown for the current year only in the chart of accounts.

@Jill M 

Income and expense accounts do not show a balance in the COA because there is no current balance for income or expense accounts.  Income and expense accounts have a balance over a time period (last month, last year, first quarter, YTD, etc.) and that difference (income-expense) is shown as net income (for the current year) and is included in retained earnings for previous years.

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@Rainflurry wrote:

@Jill M 

 

Income and expense accounts do not show a balance in the COA because there is no current balance for income or expense accounts.  Income and expense accounts have a balance over a time period (last month, last year, first quarter, YTD, etc.) and that difference (income-expense) is shown as net income (for the current year) and is included in retained earnings for previous years.

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Yeah I should have said that is the case normally, but the chart of accounts can be toggled to show both balance sheet and P&L accounts with their balance - guess I was thinking of that scenario.

@Rustler 

Thanks Rustler.  I wasn't aware that you can toggle the COA to see the P&L account balances YTD.  How do you do that?

I honestly do not remember, but I remember doing it and all it did was lead to confusion, so I toggled it back again - long ago