intuit quickbooks pro 2014 close year end

You'll see the Net Income is in the Equity. Then, you can run the Balance Sheet for the same fiscal year. Take a look at the value of the Net Income at the bottom. Let's run a profit & loss report for this fiscal year. I'll share some steps to view the Retained Earnings. Once you've closed your book, QuickBooks will automatically transfer Net Income to Retained Earnings. If you have any other questions concerning QuickBooks Desktop, please let me know. In case you need tips and related articles in the future about the 'How Do I' steps in QuickBooks Desktop, visit our QuickBooks Community help website for reference: QBDT Self-help. To know more about the reports in QuickBooks Desktop, you can read this article. This is the reason it will always have a net income at the bottom of the report to total all the Income gained from the previous period.

The total for equity includes your company's net income for the fiscal year to date. The report calculates how much your business is worth (your business's equity) by subtracting all the money your company owes (liabilities) from everything it owns (assets).

The Balance sheet report shows a financial snapshot of your company as of a specific date. Let me help share additional information about the Balance Sheet report at year end in QuickBooks Desktop. Thanks for visiting the Intuit Community!

Intuit quickbooks pro 2014 close year end