Hello there, klous-1.
The discrepancies observed in your report can be attributed to the differences between cash-basis and accrual-basis accounting methods.
In cash-based accounting, transactions are recognised only when actual cash exchanges hands, meaning you record income when you receive payments and expenses when you make payments.
Conversely, in accrual-based accounting, you record transactions as they occur, irrespective of cash flow. You recognise revenue when earned, for example, when an invoice is issued and log expenses when they accrue, even if you haven't made the payments yet.
If you selected the correct accounting method and performed the suggested troubleshooting above, I recommend contacting our Live Support Team. They possess the specialised tools to conduct further investigations. They can provide a more in-depth diagnosis to determine the cause of the discrepancies in your report.
Here's how to connect with them:
- Sign in to your QuickBooks Online account.
- Go to Help and choose the Search tab.
- In the search field, enter the contact support.
- Click the Contact Us button.
- Click the Have us call you in the Callback section.
- Follow the on-screen steps.
Please refer to this article to check their support hours: Get help with QuickBooks products and services.
Once you have your report, you can filter it to show specific accounts and adjust the layout to ensure the data appears correctly, refer to this article: Customise reports in QuickBooks Online.
Feel free to utilise the Reply button below if you have further concerns with your Profit and Loss report.
