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Quickbooks P&L

  • Associate
  • Practice Licence
  • 17 posts
  • # 113778

I wonder if anyone can help.  It is in regard to Quickbooks profits and loss reports.

Approaching the year end a client has enquired about the likely profit figure for the year. She has added all the individual monthly P&L reports to date figures together and come up with a total.  When I ran the P&L accumulative year report for the same period it was massively different and way lower than the figure she had.  

Does anyone know why this might be?



Edited at 10 Sep 2016 07:18 PM GMT

  • 491 posts
  • # 113779

Hi Karen

Are you talking about in QuickBooks Online - or Desktop version? If Online, then try the following:

  • Have you definately got the Company year end date set up correctly in QBO - if not, this may afftect things
     
  • Have you double checked your start and end date at the top - then clicked on Run Report again to refresh it - again, the dates can sometimes jump to something different without you noticing, or if Run Report hasn't been clicked again, it's easy to think its refreshed, when it hasn't.
     
  • Click on Customise and check the Accounting Method  - is this set to Cash Basis instead of Accrual? This can make a huge difference if it's set wrong.

  •  If all of the above are correct, then you're best to run the reports again, but month by month and compare them to your clients (Click on Customise and change Columns from Total Only to Months) . This way you're likely to see if it's a particular month that may have some weird transactions that are throwing everything out, or whether its a general month on month issue.

  • Another thing you can try, is that when you have a month by month report in front of you, click on the figures that appear to have large differences to see if you can figure what the issue is between the software and your clients reports.
Did your client originally get the reports from this software, or from elsewhere?

  • Associate
  • Practice Licence
  • 17 posts
  • # 113780

Thank you Carol.  It is desktop, do you know if that makes a difference?

 

I have printed off your points and look into those tomorrow.

 

Thank you so much for getting back to me, Karen

  • 491 posts
  • # 113786

Hi Karen

No it doesn't make a difference - Desktop can have the same issues.

Good Luck

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