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Can profit be more than income? In looking at my profit/loss numbers for 2020, my total profit is about $6K higher than my income. Could it be an accounting error?

 
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Best answer August 20, 2020

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QuickBooks Team

Can profit be more than income? In looking at my profit/loss numbers for 2020, my total profit is about $6K higher than my income. Could it be an accounting error?

Good evening, @amysan86

 

Thanks for reaching out to us here in the Community. Allow me to explain the differences in the amounts.

 

Business Profit shows the total business income YTD, whereas Business Income represents the last 12-month's worth. You can change the date range on the Profit and Loss report in two different ways. One from the dashboard and the other from the actual report itself. I've gone over both below. 

 

From the dashboard:

 

1. In the Profit and loss section, select the drop-down arrow, and change your date range. 

 

 

From the Profit and loss report:

 

1. Click on the drop-down date menu. 

 

 

That's all there is to it. After adjusting the dates on your report, your figures should now match. Let me know if you have further questions or concerns. I'll be here every step of the way. You can reach out to the Community at any time. Take care! 

View solution in original post

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QuickBooks Team

Can profit be more than income? In looking at my profit/loss numbers for 2020, my total profit is about $6K higher than my income. Could it be an accounting error?

Good evening, @amysan86

 

Thanks for reaching out to us here in the Community. Allow me to explain the differences in the amounts.

 

Business Profit shows the total business income YTD, whereas Business Income represents the last 12-month's worth. You can change the date range on the Profit and Loss report in two different ways. One from the dashboard and the other from the actual report itself. I've gone over both below. 

 

From the dashboard:

 

1. In the Profit and loss section, select the drop-down arrow, and change your date range. 

 

 

From the Profit and loss report:

 

1. Click on the drop-down date menu. 

 

 

That's all there is to it. After adjusting the dates on your report, your figures should now match. Let me know if you have further questions or concerns. I'll be here every step of the way. You can reach out to the Community at any time. Take care! 

View solution in original post

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