This isn't the kind of experience we want you to have while managing your closing entries in QuickBooks Online (QBO), @Mike327. That's why I'm here to guide you on the actions you need to take care of the issue.

When a new fiscal year starts, QBO automatically adds the net income from the previous one to your Balance Sheet as Retained Earnings or Member Equity account. When you're seeing the exact opposite, I'd recommend contacting our Customer Care team. They can securely pull up your account, identify the cause, and guide you with its fix.

You'll first have to check out our support hours to assist you on time. In case you want to talk to one of our representatives to relay this matter, you need to request a callback. Here's how:

1. Go to the Help menu.
2. Choose Contact Us. 
3. Enter your specific concern in the What can we help you with? field. 
4. Click Let's talk. 
5. Select Get a callback. 
6. Enter your contact details. 
7. Click Confirm my call. 

I've attached a screenshot below for your reference.

In the meantime, I'm adding these articles to further guide you in managing your financial data (books) and company accounts using QBO:

• Understanding the Equity Accounts on Your Financial Statements

• Learn about the chart of accounts in QuickBooks

Keep me posted if you have other concerns about Equity accounts and monitoring your financial reports in QBO. Take care and stay safe always.