profit and loss report its incorrect?

Hey pibs. Glad to see you in the community. Since the balance is correct, It sounds like your transfer was recorded as an expense or a sale on accident. If that happened, the transfer won't be shown as money simply moving from one account to another they will show as money in or out of each account. There are a few steps you need to go through to fix this, here they are:

Find the Incorrect Transaction(s)

The balance is correct, this means the transfer was inputted just incorrectly as I stated above. You need to find the transaction in the register for this amount and then delete it. to get to the register do this:

1. Press Ctrl+R  on your keyboard
2. Now, select the correct account and hit Okay

Now search in the register for the, date and amount the transaction was supposed to appear on. There will be either a payment or deposit on that day for the amount. When you find it follow these steps:

1. Double-click  on the transaction
2. At the top next to Save  select Delete

Next, you need to record the transfer properly. 

Record the transfer

1. Select Banking at the top 
2. Then select, Transfer Funds

1. Enter the account the funds were transferred From
2. Enter the account the funders went To 
3. Input the Amount
4. Ensure the Date is correct.
5. Select Save and Close

And that's it! The funds are now recorded properly, let me know if there are any other questions I would be happy to help. 

Transfers do not show up on your P&L as they do not impact Income or Expense accounts -> P&L accounts.

Hello, thank you for your post. I check what you said, and i did the transfer the way you said.  Now my question is how do i reflect that transfer in the report, it doesn't show and its shorting me a 1000 dollars in the income.  Because when you see the income and the expense its short

Thank you for responding.  That's what i thought but when i did the numbers meaning how much I have as income minus my expenses, i come up with a number and the report shows up that i am short more than i supposed to. for example my income was 3517.00 and my expense was 4879.73 i know i am supposed to be short 1362.73 this.  But the report shows i am short 2362.73, and my income is only this 2517.00 instead of 3517.00.

Hey pibs, thanks for responding. As brconsultingid2 mentioned, transfers do not impact income or expense accounts. This means they won't show up on a Profit and Loss Report.

To see transfers in a report form you would need to run a Balance Sheet Report. A transfer is a Balance Sheet Transaction and will show on this report. 

If the report is missing Income there are Deposits, or Invoices missing from the chart of accounts. 

If it is missing Expenses are missing then there are Expenses that are missing. 

Did you actually record a transfer type transaction, one between two balance sheet accounts (like a transfer from one bank account to another)?

From your description your "transfer" is reducing your income.  But, transfers don't do that.  What accounts used on your transfer?

I did the transfer between savings to checking.

​​​​Hello pibs,

We want to further check where these difference are coming from on your reports. To do this, please reach out to our Customer Care Team. Before doing so, check out our support hours here. 

Then, follow these steps:

1. Click Help located at the top.
2. Choose QuickBooks Desktop Help.
3. Enter a brief description of your issue and click Continue.
4. You can choose Message an Agent or Talk to a Specialist.

If there's anything else you need, you can always leave a reply on this thread and we will get back to you. Thanks.

QB Profit and Loss set up is incorrect and shows erroneous numbers leading mis-management of business and other financial issues. QB software does not have basic set up and understanding of accounting!

Hello there, @progressivegmp.

To ensure we're on the same page, could you tell me additional details about your concern? I would also appreciate it if you could provide a screenshot so I can further check and verify the root cause of incorrect calculations. 

I'll be here waiting for your response.

When comparing expenses, income, and profit/loss, it is not current because same amount should be available in bank. There are no expenses that are outside QB. For examples, if profit is $2000, this balance should be present in the bank as cash. In our bank account whatever profit QB is showing does not show. All bank transactions are reviewed and confirmed in QB.

I cannot share screenshot on community. If you are QB employee, you may contact through QB.

Is QB care about the accuracy of their software?