Hi there, @adwkc05.
A noticeable discrepancy between the Profit & Loss (income statement) and a Sales reports (such as Sales by Item Summary) may be due to one or more issues, including, but not limited to the following:
- The accounting bases of the reports do not match.
- Sales items point to incorrect sales accounts.
- The P&L report includes transactions that do not use items (e.g., the Expense Tab on a bill or a journal entry).
- List of transaction damage in the company data file.
Let me help you fix the discrepancies between these two reports in QuickBooks. To start, make sure the items point to the correct accounts.
- Go to List and select Item List.
- Review each item by double-clicking it to open.
- Check the account if you're using the correct one.
- Correct all items that have the wrong accounts.
- Check the reports.
If there is still a discrepancy on the income amount between the two reports, ensure you're using the same accounting method (accrual and cash basis). Also, try updating QuickBooks Desktop to its latest release. This can fix the common data error within the system.
If the issue persist, run the Verify and Rebuild data tools. This way, we can check the cause of this concern and repair it.
Additionally, here are some articles that will help you in managing your reports in QuickBooks Desktop (QBDT):
If there's anything else I can do for you, please let me know. I'll be around to help you. Have a beautiful day!
