The Retained Earnings balance on the Balance Sheet reflects all prior year Net Income or Loss, whether those prior fiscal years have been closed or not. Once the prior fiscal years are closed, the Retained Earnings balance in the GL Summary (Trial Balance) report will be updated to reflect the posting of the prior year's net income/loss. Income stmt and Balance sheet income do not match chasinadream over 8 years ago I have an entry that was made in Dec 2010 in a credit card breakout to several GL accounts. There are several differences between the balance sheet and income statement, which are outlined in the following points:. Timing.The balance sheet reveals the status of an organization's financial situation as of a specific point in time, while an income statement reveals the results of the firm for a period of time.

Dec 02, 2014 · Shouldn’t my bank account balance match the Net Income on my P&L? December 2, 2014 December 8, 2014 TheBW Bookkeeping As Owners, we wonder why we cannot seem to get hold of our true profit number. Aug 15, 2010 · YTD Income does not match between Balance Sheet and Profit and Loss statement. Where do I look for the - Answered by a verified Financial Professional We use cookies to give you the best possible experience on our website.