P&L Incorrect data in QB

Hi there, @progressivegmp.

To ensure we're on the same page, may I ask for additional details about your concern? Could you tell me what part of the Profit and Loss report shows incorrect calculations? That information is helpful so I can provide an accurate and timely solution. 

I'll be patiently waiting for your response, Please don't hesitate to add a reply below. 

If QB shows $10000 profit, that money should match with cash in  the account.  Do you agree or understand? All transactions are in QB so all needs to match. If not, QB sells faulty software and does not care about its customers since software is set up to calculate incorrectly. Don't give round and roudn response - it is not useful.

Hello there, @progressivegmp. I'll share some information about the Profit and Loss report in QuickBooks Online (QBO).

The data you see in the Profit and Loss report in QBO depends on what transactions have been entered into the program. Also, the calculation is based on how you record each entry.

Since you've confirmed that all transactions have been entered into your file, let's also verify how the entries are categorized. To do this, let's review that particular account and check if sales transactions are deposited there. This might be the reason the profit amount in the report does not match with cash in your account. 

To start, let's compare the transactions that show in the Profit part of the Profit and Loss report with those sales entries in your account. Here's how:

1. Select the Reports menu and enter Profit and Loss in the Search bar.
2. Open it and select the correct date range.
3. Next, look for the Profit line and click the amount.
4. Once done, you can export it to serve as your reference.
5. After that, go to the Gear icon and select Chart of Accounts.
6. From there, find the account you need to check.
7. Then, select the View Register button.
8. Set the correct date range by utilizing the Filter button.

For reference, check out this article: What is a profit and loss (P&L) statement: Definition, examples, and uses for 2023.

I also added this helpful link that you can use as a resource in case you need to modify the details of your report: Customize reports in QuickBooks Online. 

You can always post again here if you have other concerns about running reports in QBO. I'll be here ready to assist you. 

How many companies QB screwed up their account and had incorrect information?

@progressivegmp 

"If QB shows $10000 profit, that money should match with cash in the account"

That is not correct.  The total amount of your profit will rarely, if ever, match the cash in your bank account.  The ONLY way it matches is if you use cash basis accounting and you only have items of income and expense on your P&L and no entries other than cash and net income on your balance sheet, which would be exceedingly rare.  

This does not make sense. Everything needs to add up - some how! You don't need to be accountant for that!

@progressivegmp  It does add up.

A Profit & Loss will only ever show income, expense, COGS, Other Income and Other Expense categories.

An Owner's Draw is not any of these, but still reduces the amount of cash in the bank, to name an obvious example.

A P&L is simply the income you earned for a particular time period less the expenses and COGS you paid, with variations in timing between Cash and Accrual basis. No more, no less.