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!

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.

How do I run a profit and loss statement using my quickbooks POS Desktop?

Hello there, @InuitionMurray.

As a workaround, you can import the data of your sales and purchase. From there, you can view your Profit and Loss.

Here's how to export your data:

1. In QuickBooks Desktop Point of Sale, click the File menu.
2. Choose Utilities then Export.
3. From the Data Export Wizard, choose Inventory Items.
4. Click Next.
5. Enter the needed data in the following fields:
   Select destination file - location where file will be saved
   Write records to (sheet) - worksheet  where data must be entered
   Begin exporting data to row - row where data should be started
6. From the Choose export template, select the default inventory template or manually manage the mapping to match the details to be exported from QuickBooks Desktop Point of Sale.
7. Click Next.
8. Review the data and select Export.

For future reference, read through this article: QuickBooks Desktop Point of Sale: Import and Export overview. It helps you learn about importing and exporting your files using MS Excel. It includes templates formats to prevent errors when moving data files.

Please touch base with me here for all of your QuickBooks needs, I'm always happy to help. Have a great day and keep safe.