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Level 1

the number of my gross profit on profit loss statement seems very inflated compared to my actual sales and deposits into banking account.

i just changed over to the traditional quick books to the online version.  I have reconciled for the year.  I now have a major dollar figure difference in what the amount my invoices and deposits into bank say,  and what the profit loss statement (total income) line represents.  Im not sure if something is doubling or if i have entered items redundantly or what...

I have gone in and taken out a few items i had manually brought over as deposit but no change has shown as a correction. 

I feel like my net income looks inflated. help.

I have a catagory in income that i cant track (on profit loss) that may be the problem... can someone assist?

2 Comments
Highlighted
Level 15

the number of my gross profit on profit loss statement seems very inflated compared to my actual sales and deposits into banking account.

You don't say when you changed to QBO, but when you did that, did the P&L in QBO = the P&L in desktop?
That is the first thing to check, they are not always the same, and if not need to be corrected in QBO

 

After that, the question is are you using invoices and sales receipts? They are what post to income, not the deposit, when you use QB as designed.

 

The work flow is enter transactions, download banking, match - if you are using invoices and sales receipts, you might be adding the download rather than matching, that is doubling it up.

 

No one on the net can say for sure, you need to find someone who knows QBO to work with your data file.

Highlighted
Level 15

the number of my gross profit on profit loss statement seems very inflated compared to my actual sales and deposits into banking account.

If you made Manual deposits or treat banking downloaded deposits as income, when you already have Sales Receipts or Invoices, that doubled the income. You made entries with Two Different methods.

 

And what does this even mean: "I have a catagory in income that i cant track (on profit loss) that may be the problem"

 

For business, we track everything. There is no "can't track" issue.

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