QB's Self employed Tax Summary doesn't agree to Profit and Loss for same period. Transactions missing from certain accounts...anyone else with this issue?

jerseyshoretax · ‎March 22, 2020

MarsStephanieL · ‎March 22, 2020

Tax Summary and Profit and Loss has a slight difference, jerseyshoretax.

Let me give you more information about this. The Tax Summary includes the Annual Type of transactions. However, Profit and Loss report has the Schedule C expense related transactions and its income.

You can check this article for more information: The (Almost) Ultimate Guide to Self-Employed Expenses and Tax Deductions.

Loop me in if you have any questions about this. I'm ready to back you up. Take care.

View solution in original post

MarsStephanieL · ‎March 22, 2020

Tax Summary and Profit and Loss has a slight difference, jerseyshoretax.

Let me give you more information about this. The Tax Summary includes the Annual Type of transactions. However, Profit and Loss report has the Schedule C expense related transactions and its income.

You can check this article for more information: The (Almost) Ultimate Guide to Self-Employed Expenses and Tax Deductions.

Loop me in if you have any questions about this. I'm ready to back you up. Take care.

jerseyshoretax · ‎March 22, 2020

Thanks so so much! Makes perfect sense!

RS06 · ‎June 28, 2022

The answer doesn’t relate to UK tax. Doesn’t help me

GeorgiaC · ‎June 28, 2022

Hi RS06, thanks for joining this thread - please reach our chat support on this link for support with this - they'll have the tools to screen-share and view reports to check for any discrepancies. 🙂

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QB's Self employed Tax Summary doesn't agree to Profit and Loss for same period. Transactions missing from certain accounts...anyone else with this issue?