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cdd12
Level 1

Invoices not included in P&L income total but shows on balance sheet net income

I ran a balance sheet on QB and then printed out P&L to make sure it matches. Under the income sections on the P&L it shows a different amount than the balance sheet.

 

If I go to the balance sheet income detail and then go to account detail from the chart of accounts it gives me one total, but the same account on my P&L shows a different total. When I print out the details there are two invoices that are showing on the balance sheet/account detail that aren't showing up on the P&L detail.

 

3 Comments 3
DivinaMercy_N
QuickBooks Team

Invoices not included in P&L income total but shows on balance sheet net income

Hi there, @cdd12.


Allow me to share some info about the Profit & Loss and Balance Sheet reports in QuickBooks Desktop (QBDT). These reports are different which is if you're referring to a specific account in Balance Sheet and Profit and Loss then, it usually does not match. The totals in Profit & Loss (previous period) are the retained earnings of the Balance Sheet (current period).  

 

If you're referring to the net income, there are times that the reports show a different amount. Possible reasons are: 

 

  • 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 resolve this, you'll need to make sure that both reports have the same DatesBasis, and Filters. This depends on your reason for running these reports. 

 

For more details, please see this article: Net Income on the Balance Sheet report does not match the Net Income on the Profit and Loss report.

 

Also, if you want to modify the reports you open in QuickBooks, you can follow the instructions in this article: Customize reports in QuickBooks Desktop. From here, you'll also learn how to set report preferences, memorized, and schedule reports. 

 

Feel free to comment below if you need additional information. I'm always around to help you out.

cdd12
Level 1

Invoices not included in P&L income total but shows on balance sheet net income

I understand they are different and I have checked dates and such. Balance sheet aside, the quickreport showing the detail for the account doesn't match the P&L total for that same account and that's never happened before. I've attached documents to show what I mean. There are 2 specific invoices that are showing on the account but not the P&L breakdown of that same account. 

MaryLandT
Moderator

Invoices not included in P&L income total but shows on balance sheet net income

I'm here to help ensure the net income on the Balance Sheet report will match with the entries on the Profit and Loss statement, cdd12.

 

Thank you for the screenshot. I can see that you're running the report on an Accrual basis.

 

You can switch them on a Cash basis. If they aren't matching, those two invoices are maybe damage.

 

You'll either want to delete and re-create those invoices. Or run the verify and rebuild data to fix the damage on your file.

 

Let me show you how to resolve the data issues:

  1. Go to the File menu, then hover over Utilities and select Rebuild Data.
  2. On the QuickBooks Information window, select OK. Follow the onscreen steps to save a backup.
  3. Let the tool repair your file. It may take some time. QuickBooks may seem stuck, but as long as you can move your mouse, the tool is working.
  4. When the tool finishes, select OK.
  5. Go to the File menu. Then hover over Utilities and select Verify Data.
  6. Let the tool check your file for data issues.
  7. If QuickBooks doesn't find any problems, select OK. You can keep using your company file. You don't have any data damage.
  8. If QuickBooks finds an issue with your company file, click Rebuild Now.

You can also refer to this article for other troubleshooting solution: Fix data damage on your QuickBooks Desktop company file.

 

Let me know how the result goes by clicking the reply button. I'm always right here to help.

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