Question

Profit and Loss report

Forum|Forum|7 years ago
January 1, 2019
6 replies
34 views

In Desktop Premier the profit & loss is closed out to retained earnings on the last day of the fiscal year. When I run the profit & loss report for the last fiscal year it shows zero balances for all accounts. If I change the reporting period to the day before the last day of the fiscal year it show the profit and loss. For example, If I have a profit of $12,000 for calendar 2017, if I run the report for the fiscal year it will show a profit of zero. If I run the report for the period 1/1/2017 through 12/30/17 it will show a profit of $12,000.

QuickBooks Desktop

BettyJaneB

Level 9

Hello there, @Jerry on Cape Cod.

I appreciate you reaching out to us here in the Community. Allow me to share some insights about why Profit & Loss report for the last fiscal year it shows zero balances for all accounts in QuickBooks Desktop.

When closing a book in QuickBooks Desktop, it creates a year-end adjustment that is based on your fiscal year start month. The program adjusts your Income and Expense accounts to zero them out. This allows you to start your new fiscal year with zero net income. On the first day of your new fiscal year, QuickBooks Desktop increases your Retained Earnings equity amount by the previous year's net income and decreases your net income by the same amount.

For more details about this process, please check out this article: Close your books in QuickBooks Desktop.

However, if you need additional assistance with this concern, you can reach out to our Customer Care Team so they can check out your transactions and verify this matter with you.

To reach them:

In your browser, navigate to https://help.quickbooks.intuit.com/en_US/contact.
Choose QuickBooks Desktop.
Click the issue or topic.
Click the Green Phone button to see the support number.

You've got me here if you have any other questions. I'd be happy to help you out. Have a wonderful day!

J

Jerry on Cape CodAuthor

I understand the year end automatic closing. With the automatic close I cannot run the profit & Loss report for the prior year since it now shows zero balances since the automatic closing entry has been posted to the P&L accounts and zeroed out all the balances.

A

Anonymous

You should be able to create a P&L for any period at any time. The new year does not change your Profit reporting for last year.

In your case, look for activity on the 31st. Run the P&L for just 12/31 and you'll probably see activity. Zoom in on the totals or individual numbers to see the details by double clicking them.

I

InuitionMurray

How do I run a profit and loss statement using my quickbooks POS Desktop?

G

GraceC

Level 4

Hello there, @InuitionMurray.

Currently, the option to run profit and loss statement using the QuickBooks Desktop Point of Sale is unavailable.

As a workaround, you can import the data of your sales and purchase. From there, you can view your Profit and Loss.

Here's how to export your data:

In QuickBooks Desktop Point of Sale, click the File menu.
Choose Utilities then Export.
From the Data Export Wizard, choose Inventory Items.
Click Next.
Enter the needed data in the following fields:
Select destination file - location where file will be saved
Write records to (sheet) - worksheet where data must be entered
Begin exporting data to row - row where data should be started
From the Choose export template, select the default inventory template or manually manage the mapping to match the details to be exported from QuickBooks Desktop Point of Sale.
Click Next.
Review the data and select Export.

For future reference, read through this article: QuickBooks Desktop Point of Sale: Import and Export overview. It helps you learn about importing and exporting your files using MS Excel. It includes templates formats to prevent errors when moving data files.

Please touch base with me here for all of your QuickBooks needs, I'm always happy to help. Have a great day and keep safe.

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