The financial year end for a newly setup company can be any date so long as the financial period is within 18 months from the Company’s incorporation date

Scenario:
Incorporated in Oct 2019.

Financial Year End : December

First Financial Year End : December 2020

To generate the report (Balance Sheet) for the first financial year, it will take 15 months which is from October 2019 - December 2020.

1. Navigate to Reports > All Reports

2. Click on the Balance Sheet.

3. Select the date as of 31/12/2020(FYE) and click on Update.

4. Under the Equity section, you can see there are figure for Current Year Earnings and Retained Earnings.

Current Year Earnings: Profit and Loss amount for current Financial year. (January 2020 - December 2020)

Retained Earnings: The amount for the last financial year. (October 2019 - December 2019)

Since your first financial year is more than 12 month, there should be no figure under your retained earnings. In this case, you need to combine the retained earnings and current year earnings line.

so your current earnings for FYE 2020 is RM 11,620.00.