Query
We have fiscal year set to 7/1-6/30, but our private equity firm is using calendar year as fiscal year. When we run balance sheet by month, Jun vs Jul, as expected, Net Income will be closed to Retained Earnings for year end. Is there a way to produce Jul balance to have the same retained earnings as for Jun, so we can match the way our private equity firm is reporting.
Thank you!
Findings
Per my understanding, you wanted the July month to have the same amount of retained earnings as the previous month (June). Per checking, when we generate Standard Balance Sheet Report by year using NetSuite, Retained Earnings balance reflects the cumulative net balances of Income and Expenses from previous years less/add any adjustments or entries directly lodged to the account.
Currently, it is not possible to customize the report to make the amounts similar with each other since the balances from the report only displays the cumulative amount for that account.