Background: last year I transitioned my business' accounting system from a discontinued Microsoft Small Business Accounting 2008 to QuickBooks Desktop Pro 2020. I made initial entries to my balance sheet to match my old system as of FYE2019--including Retained Earnings. Now a year later I want to close my books for FY2020 and I see on my FYE balance sheet my FY2020 Net Income as Equity, which is fine. But, when I run a balance sheet report for FY2021, I see that my FY2020 Net Income has been transferred to a new Members Equity account rather than adding it to Retained Earnings. Why is this happening? And, better still, can this be changed? Everything I've researched thus far says that QB automatically transfers Net Income to Retained Earnings (not Members Equity) in the new FY--and that's what I actually want to happen. Thanks in advance for any insight and assistance.