Sales - Invoices report vs. Profit&Loss report

Hello there, @rkoorapati. We're here to provide details about amounts not matching your transaction and profit and loss reports inside QuickBooks Online (QBO).

As we check here on our system, there's an ongoing investigation about the transaction report amount doesn't match the P&L data. Our Engineers are aware of it and are already working on a fix. We recommend contacting our Customer Care Team so they can add to the list of affected users and will receive an update once a troubleshooting is available. We'll write down the steps to get you going:

1. Sign in to your QuickBooks Online company.
2. Select Help (?).
3. Select either tab to get started:

• Assistant: Get quick, personalized answers. Select a suggested option, or type a question or topic you need help with. If you decide you need further help, you can still Talk to a human.
• Search: Search the QuickBooks Online knowledge base directly, or select Contact Us and choose a way to connect with us:
  • Start a chat with a support expert.
  • Get a callback from the next available expert.

See this article for more details: QuickBooks Online Support.

We're adding these articles to help you modify your business report and keep your current report settings for future use inside QBO:

• Customize reports in QuickBooks Online.
• Memorize reports in QuickBooks Online.

Please let us know how it goes, @rkoorapati. We're always ready to further assist you in managing your business reports inside QuickBooks. You can visit the Community space or comment below so we can respond. Stay safe.

So, can I say Profit/Loss report is accurate for reporting purposes or I need to manually verify the actual amount of invoices and update for reporting purposes ?

Thanks,

Ravi 

It's indeed important to determine which reports in QuickBooks Online (QBO) you will generate to align with the needs of your business, @rkoorapati.

One or more issues can cause a noticeable difference in the Profit and loss and Revenue reports. Listed below are some of the reasons why, but not limited to:

• The report dates are not in line with each other.
• There are indications of incorrect sales accounts in the sales items.
•  The P&L report may contain transactions that do not use items. (e.g., the Expense Tab on a bill or a journal entry).
• The company data file contains a list of transaction damage.

 See this article for further guidance on correcting the differences in your profit or loss and sales reports: The profit and Loss report does not match a sales report.

In addition, I’ll be leaving you these articles that tackle personalizing your report and running them to compare your income and expenses in a different time frame:

• Customize reports
• Run a Profit and Loss Comparison Report

Let me know if you have further questions regarding your reports in QBO by leaving a comment below. I’m just a post away. Have a great day ahead!

@rkoorapati 

Are you on cash or accrual basis?  Make sure you're running each report on the same basis. 

What you're describing is not unusual.  To see the discrepancies, click on the sales amount on your P&L report.  That will pull up a transaction report and show you all the entries that make up the total.  Under 'Transaction type', you will see what type of transaction each entry is - invoice, sales receipt, etc.  You must have some entries that are hitting sales that are not hitting your invoice report.  Compare the two reports.