Profit and Loss - Incorrect Travel Amount

megasolutionsllc · ‎January 31, 2020

Problem

I took the existing P&L report and changed only the date to pull the full fiscal year, which (for some bizarre reason) is not a selectable option. The provider I work with requires that the report indicates the fiscal period (which is standard and quite common).

The report runs fine. It also allowed me to recategorize some transactions that were incorrect and clean up petty cash. However, I noticed the Travel category is grossly underreported.

In reviewing accounts, my theory is that it's only looking at one of the two accounts where the travel coding would have taken place, prior to changing deposit streams to a new bank account. What's strange is that it's only Travel that appears off, way off.

Another thread pointed me to this help file:

https://quickbooks.intuit.com/learn-support/en-us/run-reports/customize-your-reports-in-quickbooks-o...

Which calls out a step that I do not have - and I suspect it doesn't apply on P&L for some bizarre reason:

Filter section: Choose which accounts appear on your report. All of your accounts are shown by default.

However, even though I don't have a "filter section" to verify which accounts, if "all of your accounts are shown by default", there should not be a discrepancy. Clearly, it's not pulling all of the accounts and I don't know why or how to fix it. By my estimate, the amount is off by about half-ish.

I can create a report from scratch, but I shouldn't have to do that. I'd like to figure out how to get this one fixed.

Rustler · ‎January 31, 2020

Very odd, my P&L report does have a date option for "This Year", you do have to scroll up in the choices.

Check the basis of the report, if the report is on cash basis, and if the travel expenses have not been paid, they do not count in cash basis reporting - even if they are on a bill. Change the report to accrual if so

megasolutionsllc · ‎January 31, 2020

@Rustler wrote:
Very odd, my P&L report does have a date option for "This Year", you do have to scroll up in the choices.

Check the basis of the report, if the report is on cash basis, and if the travel expenses have not been paid, they do not count in cash basis reporting - even if they are on a bill. Change the report to accrual if so

I appreciate the reply, but you didn't read what I wrote correctly.

I want This FISCAL Year. "This Year" would return 1 month, which is pointless.

Second, the travel expenses are simply coded from the bank account(s). They are not entered as expenses. They're transactions like any other. Accrual does not apply, because they're already reconciled transactions on the account. I couldn't have entered them if they weren't on the bank statement(s). This also doesn't explain why half return and half don't since they're all charged the same way.

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Profit and Loss - Incorrect Travel Amount

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