Hello my name is Cheryl and I work for a construction company and I am trying to figure out why when I run a profit and loss standard report filtering by name and then run a profit and loss report by job and filter it by name I get two different reports with 2 different totals which doesn't make any sense? Not only that my payroll isn't being picked up on the profit and loss all the time, some of it is and some of it isn't and I do not know why.
One report that is run by profit and loss standard filtering by name gives me more data in the cost of goods sold then the one when I run it by job and filter by name. I don't know which report is correct they both should have the same totals for the bottom line but they don't there is quite a bit of difference.
Can someone help me out with this? Thank you
Thanks for reaching out and providing detailed information about your concern, missymarykay55.
Let me share information with you about the difference between the Profit and Loss Standard report and Profit and Loss by Job.
The Profit and Loss Standard report, which is also called the income statement, summarizes your income and expenses. Doing so will give you an overview of whether you're operating at a profit or a loss. It also shows subtotal for each income and expense account of your chart of accounts.
Meanwhile, the Profit and Loss by Job report show how much you are making or losing at each job. It includes subtotals for each type of income or expense so you can see where the money is coming in and where you are spending it.
Please know that the Profit and Loss by Job report only include income and expense transactions that were assigned to a Customer:Job. And other income and expense transactions do not appear on the report, which causes the amounts to be different from those on a standard profit & loss report.
To know more about running reports in QuickBooks Desktop (QBDT), check this article: Understand reports.
Should you have further questions, let me know by commenting below. I'm here to answer it for you. Have a great day.
Well what doesn't make sense is why doesn't the payroll show up all the time on the profit and loss report by Job? Sometimes I see labor on there and sometimes I don't and it shows up under sub labor when it is actual labor not sub labor.
Let me share additional information, @missymarykay55.
When comparing your reports, you'd want to make sure that all the filters used are the same. This ensures that it will display consistent and accurate information. I've added a screenshot for your visual reference.
If the issue persists, you'd want to make sure that your QuickBooks software is updated to the latest version. This makes sure that the program displays the latest features and downloads needed patches to resolve unexpected behavior when updating payroll information.
Also, you can run the Verify and Rebuild tool to isolate this unexpected behavior. This is a built-in tool that auto-detects and auto-fix data damage issues within QuickBooks.
Once the Verify finds an issue with your QuickBooks data, you will be prompted to Rebuild Now or View Errors. You can refer to this article for more detailed steps: Verify and Rebuild Data in QuickBooks Desktop.
Now, you can run and compare the reports again.
Keep me posted if you have other questions or concerns. I'm always here to help.
I was running into a situation today that is a bit similar. I'm used to seeing small differences, but my client was presenting some large ones when comparing the P&L by Job vs P&L with columns by customer/job.
First, my client realized that they had some revenue entered as deposits without client information. Those can be replaced with deposit lines that have a customer/job name. Also you can replace those lines with Sales Receipts. It's a swap of a sales receipt for a deposit line, and it requires focus to not screw up your reconciliations. This is especially important if you are using Sales Reports. (See next to last paragraph.)
One thing we noticed was that the P&L Standard report, when it was set to show results in columns by Customer/Job, provided an "unnamed" column. However, the P&L by Job report does not include a column for "no customer/job," so you can see how it would miss expenses and likely show higher profit because it is missing those expenses.
But the "magic" difference between the P&L by Job and the P&L Standard with columns by customer/job is only one filter change: Customize the P&L by Job report by going to the Filters tab, selecting the "Name" filter and changing the filter from "All Customer/Jobs" to "All Names." Now the P&L by Job produces the same results as the P&L Standard with columns by customer/job including an "unnamed" column.
THIS IS WHERE IT GETS INTERESTING... You would think that the "unnamed" column would likely include overhead expenses as well as any expense lines not coded to a CUSTOMER/JOB. However, after some testing, I found that the only transactions that would appear in the "unnamed" column were (SURPRISE!!) transactions that did not have a VENDOR name. That would include things like bank fees and anything entered with a JE that had no vendor listed for an expense. As soon as you input a vendor, the transaction drops out of the "unnamed" column, EVEN if there is no customer/job for the transaction line. Hmm.
Additionally, the client saw that many expenses had not been coded to jobs. One way to see if expenses are coded to jobs is to drill down into the expense account total on the P&L. When the detail report comes up, customize the report by adding a column "Source Name." For transactions that have not been coded to a customer/job, the Name and Source Name will be the same... the vendor name. (You can also do this by looking for a customer/job name in the name field of the lines instead of a vendor, but it's probably easier to compare two columns.)
Comparing sales reports to accounting reports can also pose problems because sales reports include ONLY sales transactions, not deposits to revenue. See the second paragraph for the fix.
Of course, watch all report parameters to compare apples to apples... accrual vs. cash basis is just one culprit.
Good luck. I hope this was helpful.