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My German partner is telling me that our YTD 2020 Profit and Loss report is incorrect because it shows the 2019 IRS foreign partner withholding tax payment that was paid in May 2020. How do I move that transaction to the 2019 financial statement? The German partner says that if it stays in 2020 it would be "only" an outflow of liquidity.
It’s important your transactions shows the correct date, @clleeper.
That way, we’ll ensure that your book is accurate. To move your year 2020 transaction, you’ll want to change the date to the year 2019. This way, the tax payment will be reported to your 2019 YTD Profit and Loss report. Let me guide you how.
In your QuickBooks Online (QBO) account:
Additionally, you can export your 2019 YTD report to Excel so you can easily compare it your 2020 YTD report.
Let me know if you have other concerns managing your reports in QBO. I’ll be around ready to lend a hand. Have a great day!
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