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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.

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