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SunCantRun2
Level 1

Salaries and Wages comes up as a negative in Profit & Loss Statement

Salaries & Wages comes up as a negative number in our Profit & Loss Statement so its not being calculated into the Payroll Expenses. Is there a reason why this would happen?

1 Comment 1
FateCandylaneT
QuickBooks Team

Salaries and Wages comes up as a negative in Profit & Loss Statement

I can share information about how QuickBooks populates the data in your financial reports, SunCantRun2. 

 

Usually, expenses recorded in your data will show as negative amounts if there are transactions entered as refunds or adjustments in Profit and Loss statements. It's best to review the entries made in your file with the negative balances on them to ensure these are accurately posted and your books are up-to-date. To do this:

 

  1. Go to Reports and click Company & Financials. Then, select the Profit and Loss report.
  2. Modify the report period and accounting method.
  3. Customize the data to add specific details to your report.
  4. Once displayed, find the salaries and wages account and click on the amount to open a detailed transaction report.
  5. Check each transaction with the negative amounts. 
  6. Review and verify the correct posting category.

 

Moreover, you may browse this guide to help you save the customization settings made to your reports: Create, access, and modify memorized reports.

 

I'll always be available on this thread anytime you need additional assistance when managing accounts and transactions in your file. Let me know in the comments below and I'll be around whenever you need help. Keep safe!

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