"I do see many people saying that by end of the year/beginning of next
fiscal, net-income get automatically transferred to 'Retained Earnings'
Account. (or in other words, 'Net Income' from previous year in
Profit-Loss Report will be equal to retained earnings value."
Did anyone ever enter "Trial Balance" data in this file, for your prior year(s) of operation? Is this the first year of business for you?
"However I do not see any info in the Retained Earning account Report or
no item in 'Balance Sheet' report . Please help me to understand,"
Run the P&L for this fiscal year. Look at the Net Income at the bottom. Run the Balance Sheet for the same This Fiscal Year. The same Net Income is in Equity. Now you proved you have a proper perspective; the Balance Sheet entry is explained in detail by referring to the P&L.
Now, change the Balance Sheet date to "as of the first date of the new fiscal year" = one date Later than the P&L. You should see the Net Income line is gone (unless there is activity in the P&L for this first date of the new FY) and you should see Retained Earnings is holding that value, now.
I attached an image from the Desktop reporting.
