Your General Ledger (GL) shows no balance for Fiscal Year 2024, as it has been transferred to Retained Earnings (RE), Yasar. Let's dive deeper into this topic and ensure everything is in order.
Based on the details you provided, your Expense GL account had a balance at the end of FY2023, and it showed correctly on the Trial Balance report as of December 31, 2023. Since there were no transactions in this account for FY2024, the December 31, 2024 GL should show a $0 balance. This is because the FY2023 balance would have been closed out and transferred to RE at the year's end, as a standard practice in QuickBooks Online (QBO).
Note that at the end of each fiscal year, QuickBooks automatically transfers balances from expense and income accounts to RE as part of the year-end closing process to ensure that each new fiscal year starts with a clean slate for tracking fresh transactions. You can examine your RE account via a balance sheet report for FY2024. To do so, refer to this article: View Retained Earnings account details in QuickBooks Online.
Handling your financial records can be challenging. However, our QuickBooks Live Expert Assisted team is ready to help by delivering an in-depth analysis regarding books in QBO and giving a complete assessment to improve your decision-making.
In addition, if you find discrepancies, you may need to create a journal entry to adjust the RE account. This would debit or credit the account to ensure it shows the correct balance.
Ensuring accurate finances is our main focus, and I'm here to help with any questions about managing your books in QBO. Feel free to contact me anytime.
