Question

profit and loss report its incorrect?

Forum|Forum|6 years ago
March 30, 2020
11 replies
55 views

I did a transfer between accounts, my balance is ok. But when i ran the profit and loss report it shows and incorrect amount, and it doesn't show the transfer i did between accounts.

QuickBooks Desktop

S

Steve_C

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:

Press Ctrl+R on your keyboard
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:

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

Next, you need to record the transfer properly.

Record the transfer

Select Banking at the top
Then select, Transfer Funds

Enter the account the funds were transferred From
Enter the account the funders went To
Input the Amount
Ensure the Date is correct.
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.

P

pibsAuthor

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

S

Steve_C

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.

BigRedConsulting

Level 15

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

P

pibsAuthor

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.

BigRedConsulting

Level 15

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?

Sign up

Login with SSO

Let's get you signed in

Login with SSO