Sales Total on Profit and Loss Statement

AJID · ‎May 14, 2021

My Sales total on my Profit and Loss Statement is about double what it should be. With some digging I see that that the transaction report has the invoices and deposits listed. I am not making a deposit or receiving a payment outside of matching my downloaded activity to the invoice. So I think the invoices should be dropping off the transaction report when they are matched. The report shows all things that were in A/R along with all deposits. The total for sales is calculating the amounts of the invoices and the amounts of the deposits received against those invoices. All the transactions are categorized as sales, but the split is A/R or Checking.

I have watched the tutorials about receiving payment against an invoice and I am sure I am following the proper steps. My A/R balance does appear to be correct, it is just the total under sales on the P&L Statement.

Thanks!

JonpriL · ‎May 14, 2021

Hello @AJID,

In QuickBooks Online, you may notice a discrepancy between the Profit and Loss and a Sales report may be due to one or more issues, including, but not limited to the following:

The date ranges of the reports do not match
The accounting bases of the reports do not match
Sales items point to incorrect sales accounts

That said, let's consider changing them and comparing the data of your reports to determine the reason why your sales total is double. Please know that you may need to open the transaction journal of your invoices to identify the sales item used.

Additionally. I've also included this reference helpful with a compilation of articles you can use to determine the status of your business's income and expense: Know where you stand financially.

Don't hesitate to post again here if you have further questions in managing your QuickBooks account. I'm always here to help. Have a good one!

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