Profit and loss way off, is this why?

I understand that you want to fix the issue, @schmalts. Let me share some insights with you so that you have the necessary information to understand the problem and how to solve it. 

First, it's essential to note that when previously reconciled transactions are modified, QuickBooks Online (QBO) may mark them as uncleared and show them again for reconciliation. This can lead to discrepancies in your financial reports. 

To ensure that your transaction records are accurate while reconciling, it is recommended that you refer to the bank statement as a reference. This will enable you to compare the transactions with the records in your QuickBooks system. Therefore, it's crucial to review your bank register transactions and ensure that all reconciled transactions are accurately marked as "R." 

If you find transactions from a month that was already reconciled with a "C" or no letter, these transactions might be affecting your QuickBooks balance and profit and loss statement. In this case, it's recommended to consult an accountant before making any changes to ensure that your books are correct, and your reconciliation balances are accurate. 

For transactions that are put into the "excluded" column, you may consider deleting them, but only after careful review and if you have already reconciled the month to which these transactions belong.

To learn more about reconciling your accounts so that they match your bank and credit card statements in QBO, you can visit this article guide: Reconcile an account in QuickBooks Online

You may also refer to this article for future reference: Why are my income and expense transactions missing from my Profit and Loss report?

I found another reason.  Under my P&L I show close to double the income I really have.  In accounts and reports I have many duplicates of the same amount in both "sales of products"  and "services"    How can this be fixed?

Hey there, @schmalts.

I'm glad to assist you with fixing duplicate amounts in both "sales of products" and "services" on your profit and loss report. Before proceeding, I'd like to ask a few questions to address your concern accurately.

First, did you manually add transactions or link your bank accounts to QuickBooks Online (QBO)? Second, what income accounts were used in your products and services? Was it income or bank?

I'm looking forward to your response. Take care, and have a great day!

Sales of products income is set to "income"    Services is set to "income"

 And yes, I had my accountant delete past reconciled months and started over by manually importing my bank transactions from my bank's website. I now have my QBO setting to no get transactions automatic anymore to keep this mess from happening. The auto was disabled because of problems logging in.

See my response for account settings, is this the problem? If so how do I fix it and what should they be?

Let me continue to help you, schmalts.

The account settings are fine. Just make sure there are no duplicate entries, or the transactions are linked together.

Ideal scenario: You created an invoice, recorded a payment, deposited the payment to the bank register, and matched the downloaded payment from the Banking page to the bank deposit in the bank register. Breaking it down, there are 4 transactions that should be interconnected: the invoice, the payment, the bank deposit, and the downloaded transaction matched to the bank deposit.

Most of the time, duplicates often occur when downloaded bank transactions are added instead of being matched to the corresponding transactions in your books. This can create errors in your Profit and Loss and other reports. To fix this, you need to find the duplicates and delete them.

Also, if you've reconciled your bank transactions but forgot to match some downloaded transactions within the reconciled period, simply exclude those downloaded transactions. Once reconciled, they no longer serve a purpose.

Feel free to go back to this thread if you have any follow up questions.