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'Retained Earning' Account not showing any value

Hi,

I do use QB online version, When I run Report on 'Retained Earnings' Chart of Account- it says 'no data'. I do see many people saying that by end of the year/beginning of next fiscal, net-income get automatically transferred to 'Retained Earnings' Account. (or in other words, 'Net Income' from previous year in Profit-Loss Report will be equal to retained earnings value. 

However I do not see any info in the Retained Earning account Report or no item in 'Balance Sheet' report . Please help me to understand,

Thanks

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Best answer 10-15-2018

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Established Community Backer ***

"I do see many people saying that by end of the year/begi...

"I do see many people saying that by end of the year/beginning of next fiscal, net-income get automatically transferred to 'Retained Earnings' Account. (or in other words, 'Net Income' from previous year in Profit-Loss Report will be equal to retained earnings value."

Did anyone ever enter "Trial Balance" data in this file, for your prior year(s) of operation? Is this the first year of business for you?

"However I do not see any info in the Retained Earning account Report or no item in 'Balance Sheet' report . Please help me to understand,"

Run the P&L for this fiscal year. Look at the Net Income at the bottom. Run the Balance Sheet for the same This Fiscal Year. The same Net Income is in Equity. Now you proved you have a proper perspective; the Balance Sheet entry is explained in detail by referring to the P&L.

Now, change the Balance Sheet date to "as of the first date of the new fiscal year" = one date Later than the P&L. You should see the Net Income line is gone (unless there is activity in the P&L for this first date of the new FY) and you should see Retained Earnings is holding that value, now.

I attached an image from the Desktop reporting.
2 Comments
Established Community Backer ***

"I do see many people saying that by end of the year/begi...

"I do see many people saying that by end of the year/beginning of next fiscal, net-income get automatically transferred to 'Retained Earnings' Account. (or in other words, 'Net Income' from previous year in Profit-Loss Report will be equal to retained earnings value."

Did anyone ever enter "Trial Balance" data in this file, for your prior year(s) of operation? Is this the first year of business for you?

"However I do not see any info in the Retained Earning account Report or no item in 'Balance Sheet' report . Please help me to understand,"

Run the P&L for this fiscal year. Look at the Net Income at the bottom. Run the Balance Sheet for the same This Fiscal Year. The same Net Income is in Equity. Now you proved you have a proper perspective; the Balance Sheet entry is explained in detail by referring to the P&L.

Now, change the Balance Sheet date to "as of the first date of the new fiscal year" = one date Later than the P&L. You should see the Net Income line is gone (unless there is activity in the P&L for this first date of the new FY) and you should see Retained Earnings is holding that value, now.

I attached an image from the Desktop reporting.
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Got it .. thanks much. Seems like I ran it for the whole...

Got it .. thanks much. Seems like I ran it for the whole period ('All Dates' while running Bal.Sheet Report) and hence didn't see 'Retained Earnings'. Able to see it when ran for just current fiscal and next fiscal as you mentioned.