Financial records on a close period should be accurate and consistent, tntrandazzo. Let's investigate why these changes might have occurred, even though no transactions have been backdated.
Without any backdated transactions, the P&L report for June should not change when re-running it now in the program. Since there are differences, we can start by reviewing the report basis used when you generated it last July and compare it with the recent one (October).
Additionally, there has to be an entry to an income or expense account in the prior month for your net income to adjust. Some transactions can alter the net income from a prior month without having an impact on your bank account. This includes invoices or bills if you're on an accrual basis while journal entries for a cash basis. Moreover, users may modify closed periods depending on closing settings, like a required password.
Furthermore, we can generate the Closing Date Exception Report to see any adjustments made to the accounts or transactions that affect the report. I'll show you how:
- Go to the Reports menu.
- Hover your mouse over the Accountant & Taxes, then choose Closing Data Exception Report.
- The Closing Date History shows current and past closing dates and the user who set the closing date.
Scan this article for detailed guidance on restricting access to data from the prior accounting period: Close your books in QuickBooks Desktop.
Bookmark this reference to learn how to tailor and save you report's settings: Create, access and modify memorized reports.
Know that you're always welcome to post here about your P&L report or any other discrepancies concerns. Add a comment below and we're here to support you every step of the way. Have a great day.
