@SheandL  RE: Let me clarify why your balance sheet and profit and loss net income aren't equal.... these reports won't be equal mainly because they work and serve differently.

The reports are, of course, not the same reports. The OP didn't suggest they are, and also didn't ask what they are for.

However, the Net income on the Balance sheet absolutely should match the Net income on the P&L when the P&L is run on the 'same' date range, such as "This Fiscal Year to date"  - or any date range that starts at the beginning of the Fiscal Year and ends on the Balance Sheet date. Always. Exactly. That is how a balance sheet works, a fact which you should know.