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NSC | Customize Balance Sheet: How to move Net Income from Prior Periods to Retained Earnings?

edited Jan 19, 2023 12:12AM in Accounting / ERP

You can move Net Income from previous periods (beginning of the year) to Retained Earnings in Balance Sheet. Here's how:

1. Navigate to Reports > Financial > Balance Sheet

2. Click Customize

3. Go to Edit Layout section

4. Edit Sections:

For the Retained Earnings:

A.) Expand Liabilities and Equity > Equity > Retained Earnings > Net Income (Balance Forward to Beginning of Year)

B.) Reference Row:

Relative Range: Balance Forward

To: Start Date

C.) Rename Row: Net Income (Balance Forward to Beginning of Period) - this is optional

Note: The Retained Earnings section of the report is composed of the Net Income Balance Forward (via Income Statement lookup) and Retained Earnings manual postings to this account.

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