profit and loss calculator in QuickBooks Online this year vs this year to date. What is the difference?

Knowing the accurate calculation of your Profit and Loss (P&L) report is crucial to gaining a comprehensive understanding of your business, Safco. I'd be delighted to share the difference between the This Year vs This Year to Date in the Report period filter.

When viewing your P&L data, the This Year filter shows the income and expenses for the entire calendar year, from the start date to the end of the fiscal year. It also includes all the future dated transactions.

Once you use this filter, the system automatically shows the January 1, 2024 data to December 2024. It's the cause of why you were up 60% from last year.

On the other hand, This Year-to-Date displays the financial statement from the start of the current fiscal year up to the date when you run the report. Based on the info shared, the system only shows January 1, 2024, to June 13, 2024 data. That's why it's only up 20% from this time last year. 

Both filters offer different views of how your business is doing. To focus on the info that matters most to your business, I recommend customizing your reports in QuickBooks Online.

You can also navigate these steps to learn more about how the P&L report is populated on the Home page:

1. Go to Dashboard and then select Home.
2. Scroll down to locate the Profit & Loss section.
3. Click the Ellipsis (three dots) button beside See profit and loss report.
4. After that, click About Widget.  

Additionally, you can browse this article to help you determine which reports are available in your QuickBooks Online version. It'll help you utilize and navigate the feature to monitor how your business is doing: Reports included in your subscription.

This thread is always open if you have additional questions or concerns about running and customizing your P&L report. I'm here to help you out.

Thank you for the quick reply and the explanation. I'm sorry if I wasn't clear, but why is there such a drastic increase from 20% to 66% with just a profit increase of $32,224?

When I review the QBO Profit & Loss widget on the home page and select:

"This year," my total profit is shown $550,456 and it says I'm "up 66% from last year."

When I select:

This year to date my total profit is shown $518,232 it's slightly less and it says I'm "up 20% from this time last year."

Thanks,

Steve

Allow me to explain why the profit and loss this year increased from last year while the year-to-date figure from last year is slightly less, Safco.

The profit and loss figures are calculated based on the financial data recorded within QuickBooks. When comparing the current year's profit to the previous year's, it is important to consider the time range and the transactions entered into the system.

When you select This year on the Profit & Loss widget, the total profit for the entire year is displayed. In this case, the current year's profit is shown as $550,456, with a 66% increase from the previous year. This percentage increase is calculated by comparing the current year's full-year profit with the prior year's and the data entered into the system.

On the other hand, when you select This year to date, it displays the total profit from the beginning of the year until the current date. In this scenario, the year-to-date profit is shown as $518,232, with a 20% increase from last year. This percentage increase is calculated by comparing the profit accumulated up to the current date of the current year with the profit accumulated up to the same date of the previous year. 

It is important to note that the year-to-date figure is subject to change as the year progresses and more transactions are recorded. Therefore, the year-to-date profit may surpass the previous year's profit.

Additionally, you can pull up a profit and loss comparison report to compare the transactions you've entered for this year and the last year.
 

Moreover, utilize these resources for guidance on saving the current settings in your reports. Feel free to click on each link to access step-by-step instructions on how to complete each task:

• Customize reports in QuickBooks Online
• Common custom reports
• Memorize reports in QuickBooks Online

Feel free to ask if you have any further questions or concerns about why the profit and loss figures increased from last year while the year-to-date figure is slightly lower. Have a great day!