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BlueDarren
Level 1

Modifying SEP contrib year in P&L Prev Year Comparison Report

Running Profit and Loss Prev year comparison report and a catch up SEP contribution was made this year, but belongs in 2022.  Is there a way to move this line item from 2023 to 2022?

5 Comments 5
Candice C
QuickBooks Team

Modifying SEP contrib year in P&L Prev Year Comparison Report

Good afternoon, @BlueDarren

 

Welcome to the Community! I'd be more than happy to provide you with some information to help answer your question. 

 

I can see how beneficial this could be to change the year for the SEP contribution on your Profit and Loss report. However, you'll need to edit the payment date itself to move it to the correct year. 

 

I'm only a post away if you need any more assistance. Have a great day! 

BlueDarren
Level 1

Modifying SEP contrib year in P&L Prev Year Comparison Report

Thank you for the quick response.   So would you say it would have no lasting problems if I modified the date, Ran the P&L, and corrected the check date?   Thank you again,

JessT
Moderator

Modifying SEP contrib year in P&L Prev Year Comparison Report

Thank you for coming back with additional details, BlueDarren!

 

I can see that my colleague's response was based solely on your statement, "the transaction belongs to 2022." This led her to suggest changing the payment date. However, altering the date to a time in 2022 will certainly impact your 2022 and 2023 records. Therefore, it's a good idea to have an accountant professional to ensure the accuracy of your books.

 

You can always go back to this thread if you have any other questions about reports. Take care and have a good one!

BlueDarren
Level 1

Modifying SEP contrib year in P&L Prev Year Comparison Report

I did consult my accountant.  I posted her for a second opinion.

 

So you are not suggesting modifying the date, run the P&L, and change it back?

Thank you again,

Erika_K
QuickBooks Team

Modifying SEP contrib year in P&L Prev Year Comparison Report

Let me share some details about modifying SEP contribution, @BlueDarren.
 

To ensure correct financial reporting and conformity with accounting principles, when a catchup SEP contribution has been made in the current year but belongs to the previous year, it is recommended to move this line item from the current year to the preceding year.
 

Moving this contribution aligns the financial records with the actual timing of the SEP contribution, providing a more accurate representation of the business's financial performance for each period. The modification will not result in lasting problems if done accurately. In matters like this, it is best to consult a financial professional. Doing so ensures the modification is following the accounting standards and ordinances.
 
Moreover, I've added this article about personalizing your financial reports in QBDT: Customize reports in QuickBooks Desktop.

Please let me know if you have additional concerns about modifying contributions in QuickBooks Desktop. I'm always here to help. Keep safe! 

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