ChristieAnn, thank you for your reply. I ran the Verify Data utility as you suggested and it returned "QuickBooks detected no problems with your data." So, do you have any other suggestions for me? Again, my FY2020 Net Income is currently automatically being credited to Members Equity on my FY2021 Balance Sheet, rather than being credited to my Retained Earnings account. As a workaround, I created a manual Journal Entry as of 1/1/2021 (the beginning of my FY2021) to credit Retained Earnings and debit Members Equity (both by the amount of my FY2020 Net Income). This is a relatively easy and simple fix, but I still would like to understand why the QB automatic closing entry is not working the way it should.