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There is no balance for my income or expense account

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Summary

I have pulled the Transactions by account report (General Ledger) with the start date to be the first day of my fiscal year. I am looking at revenue (4000's) and expense (5000's) accounts. There is data but there is no opening balance for each of them. Why is that? Why are the balances of all revenue and expense accounts on the chart of account are zeroes? My Income Statement does not show any amount after I close my fiscal year After opening a new year, the Trial Balance report total amount does not equal that of the previous year. Why? Revenue is zero Expense is zero Balances are not being carried over from one year to next

Description

Cause

  • Current fiscal year was advanced to a new fiscal year

Resolution

  • By Generally Accepted Accounting Principles, all revenue and expense accounts are zeroed out and the net Income is transferred to the Retained Earnings account at the end of every fiscal year
  • This means there is no opening balance (as it is really $0.00) on the first day of the fiscal year