Unable to generate the Balance sheet and Profit and loss account as per Schedule III of the Financial yeat for "Last Financial year" as it is not getting updated

Let's get your reports in QuickBooks Online (QBO) running without any errors, @suswarajconsulti. I'll be here to help you with this concern. 

The first thing you need to ensure is that the QBO company in question is set up correctly, as per Schedule III. Next, check that there are transactions on the given date range (Last Financial Year) on your books. 

If the conditions stated above are met and you still don't have the option to generate the reports, then I suggest you open your browser's private window. This way, you can isolate cache, which is the usual culprit for unexpected behaviors in browsers.

• Google Chrome: Ctrl + Shift + N
• Microsoft Edge: Ctrl + Shift + P
• Firefox: Ctrl + Shift + P
• Safari: Command + Shift + N

If that works, go back to your regular browser and clear its cache. Otherwise, open an alternative browser that's available for you. 

You can also refer to this article: Customise reports in QuickBooks Online. It has the steps on how you can modify reports in QBO, to show specific information such as accounts or customers that depend on your needs. 

Tag me in a comment below if you have other questions about reports in QBO. I'll get back to you as soon as I can. Enjoy the rest of the day!