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Level 1

Profit and Loss report

In Desktop Premier the profit & loss is closed out to retained earnings on the last day of the fiscal year. When I run the  profit & loss report for the last fiscal year it shows zero balances for all accounts. If I change the reporting period to the day before the last day of the fiscal year it show the profit and loss. For example, If I have a profit of $12,000 for calendar 2017, if I run the report for the fiscal year it will show a profit of zero. If I run the report for the period 1/1/2017 through 12/30/17 it will show a profit of $12,000.

4 Comments
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QuickBooks Team

Profit and Loss report

Hello there, @Jerry on Cape Cod.

 

I appreciate you reaching out to us here in the Community. Allow me to share some insights about why Profit & Loss report for the last fiscal year it shows zero balances for all accounts in QuickBooks Desktop.

 

When closing a book in QuickBooks Desktop, it creates a year-end adjustment that is based on your fiscal year start month. The program adjusts your Income and Expense accounts to zero them out. This allows you to start your new fiscal year with zero net income. On the first day of your new fiscal year, QuickBooks Desktop increases your Retained Earnings equity amount by the previous year's net income and decreases your net income by the same amount. 

 

For more details about this process, please check out this article: Close your books in QuickBooks Desktop. 

 

However, if you need additional assistance with this concern, you can reach out to our Customer Care Team so they can check out your transactions and verify this matter with you.

 

To reach them:

  1. In your browser, navigate to https://help.quickbooks.intuit.com/en_US/contact.
  2. Choose QuickBooks Desktop.
  3. Click the issue or topic.
  4. Click the Green Phone button to see the support number.

You've got me here if you have any other questions. I'd be happy to help you out. Have a wonderful day!

Highlighted
Level 1

Profit and Loss report

I understand the year end automatic closing. With the automatic close I cannot run the profit & Loss report for the prior year since it now shows zero balances since the automatic closing entry has been posted to the P&L accounts and zeroed out all the balances.

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Anonymous
Not applicable

Profit and Loss report

RE: When closing a book in QuickBooks Desktop, it creates a year-end adjustment that is based on your fiscal year start month. The program adjusts your Income and Expense accounts to zero them out. This allows you to start your new fiscal year with zero net income.

 

No, it doesn't do any of that.  No entries are created by QB  at any time.

 

The Balance sheet treats income before the current year as retained earnings.  That's ll.

Highlighted
Anonymous
Not applicable

Profit and Loss report

You should be able to create a P&L for any period at any time.  The new year does not change your Profit reporting for last year.

 

In your case, look for activity on the 31st.  Run the P&L for just 12/31 and you'll probably see activity.  Zoom in on the totals or individual numbers to see the details by double clicking them.

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