During the Year-End Closing procedure, the system posts the total balance of the P&L accounts to the balance sheet, and the balance of the P&L accounts is zero for the new GL calendar year. See Year-End Transactions.

However, if you run a balance sheet early in the current calendar year, the previous GL calendar year may still be open, and the P&L balance will not have been transferred. In addition, you may want to include the P&L balance to date for the current year.

When you run a report that includes a Result of Current Year account, the system transfers the balance of all profit and loss accounts to that system account, and displays the resulting balance on the report.

Similarly, when you run a report with a structure that includes a Result of Previous Years account, the system transfers the balance of the profit and loss accounts for all previous, unclosed years to that system account. The resulting balance is displayed on the report.

The results are shown on a separate line in the reports: Profit/Loss of All Open Accounting Years.

See GL Account Types for information on creating system accounts.