Adding Income Statement Net Profit/Loss Amount to Balance Sheet

1. Create a “Net Profit” Account

• In your Chart of Accounts, add a new account named “Net Profit” (or similar) under Liabilities, ideally within a subgroup labeled Equity.
• Make sure the account has a zero starting balance so it matches the Income Statement totals exactly.

2. Configure Financial Info

• Go to Administration > Setup > Financial Info .
• In the “Net Profit Account” dropdown, select the newly created Net Profit account.

3. View Your Real-Time Net Totals

• Once set up, the Net Totals (profit or loss) from your Income Statement will automatically display on the Balance Sheet under the linked Net Profit account.
• This gives you real-time insight into your organization’s overall net result without any manual updating.
• When the accounting period is closed and the year end transition is run, this amount will be consolidated into the retained earnings account set.