Why isn't the total income/expense/profit not matching the amount that i'm manually calculating

jennyvng · ‎September 13, 2021

Hi, when i calculate my income and expenses manually through my bank statement to check if they match quickbooks calculation - the amount doesn't match. Quick book is saying that i earned more than what has came into my account

Rustler · ‎September 13, 2021

QB thinks that income is only what is posted in an income account, same for expenses in expense accounts. So first check to insure that anything posted to those accounts qualify.

A bank statement is a snapshot of the account as of the statement ending date, a P&L is for the whole business for the date range noted on the statement. SO one month for the statement and this year (usually) for the income statement.

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Rustler · ‎September 13, 2021

QB thinks that income is only what is posted in an income account, same for expenses in expense accounts. So first check to insure that anything posted to those accounts qualify.

A bank statement is a snapshot of the account as of the statement ending date, a P&L is for the whole business for the date range noted on the statement. SO one month for the statement and this year (usually) for the income statement.

john-pero · ‎September 13, 2021

@jennyvng I might add that your bank transactions are merely a record of money movement in and out of the bank and the bank is not keeping a record of or even interested in whether those money movements are income or expense. If the bank lept track then you would not need QuickBooks then would you?

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Why isn't the total income/expense/profit not matching the amount that i'm manually calculating