SUMMER SAVINGS 90% OFF QuickBooks for 3 months* Ends June 27

Buy now
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Work smarter and get more done with advanced tools that save you time. Discover QuickBooks Online Advanced.
Cedarrun
Level 2

Profit & Loss Report

In my P&L report under payroll expenses there is a category named reconciliation descrepancies.  When I print the report it is showing a transaction for the year 2015.  What is the correct way to fix this?

2 Comments 2
john-pero
Community Champion

Profit & Loss Report

Reconciliation Discrepancy expense is posted when you close a reconciliation that is out of balance and allow quickbooks to make an adjusting entry. An entry from 2015 should only show in a P&L that includes 2015.

 

The way to remove the discrepancy is to replace it with its proper accounting

qbteachmt
Level 15

Profit & Loss Report

That account doesn't even exist until someone forces QB to make it automatically by clicking Done on a Reconciliation that is out of balance. And the other issue is, even if you see One Entry, that could be a net mistake. Example: I see it is $15. But in the banking details compared to the Statement, I see overlooked deposits totaling $50,585 and overlooked Expenditures totaling $50,600. So, Net of $15 is not that innocuous, after all.

 

If it worries you, present it to the CPA. They evaluate the issues as "material or not" = if they required you to also provide bank statements, they would have noticed if this seems severe enough to straighted out, back in 2015.

Need QuickBooks guidance?
Log in to access expert advice and community support instantly.

Need to get in touch?

Contact us