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bradlucky7
Level 1

Invoice List amount vs Profit and loss total income

When I run a "Profit and Loss" report for the year of 2024 and an "Invoice list" for the year 2024, the total income on the Profit and Loss report is showing a lower amount for total income than the Invoice List report is showing. What am I missing? 

2 Comments 2
FishingForAnswers
Level 10

Invoice List amount vs Profit and loss total income

@bradlucky7  Off the top of my head, the results of a P&L depend on your accounting method, Cash vs. Accrual.

 

On the other hand, an invoice list is most likely a list of invoice without regard to either payment or the timing of payment.

BigRedConsulting
Community Champion

Invoice List amount vs Profit and loss total income

The two reports aren't expected to match.

 

They would only match if:

1) All of your income is recorded on invoices. No other transactions in your entire company file use income accounts.

2) Every line item recorded on invoices is linked to an income account.

3) The reports both use the same cash/accrual basis.

Maybe.

 

You can see what's behind the numbers on your Profit and loss by clicking on the numbers there to open a detail report. Or, run a Detail Profit and Loss report.

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