Hello, Dawndawndawn.
I'd like to share some details about the report.
When the reports show different net income it may be due to any of the following reasons:
- Balance Sheet summarizes data at a specific point in time and Profit and Loss summarizes data just for the selected period.
- The dates or bases of the reports do not match or the filters are set incorrectly.
- The Fiscal Year preference is not set properly.
- Possible data damage.
To resolved, please make sure that both reports have the same Dates, Basis and Filters. You can also follow these steps to check the Fiscal Year:
- Go to Company > My Company.
- Select the Pencil icon.
- Under the Report Information tab, make sure Fiscal Year is set correctly.
On the other hand, run the Balance Sheet and Profit & Loss reports with the following settings:
- Dates = All
- Report Basis = Accrual or Cash
- Display columns by = Year
If you're still seeing any discrepancy on the Net Income, you'll want to try out the solutions in this article: Fix data damage on your QuickBooks Desktop company file.
For reference on the details above, please check out this guide: Net Income on the Balance Sheet report does not match the Net Income on the Profit and Loss report.
Please let me know if there's anything else you need. I'll be around to help you out some more. Take care and stay safe.
