Net income in P&L does not match to net income in Balance Sheet (QuickBooks Desktop)

ohs88 · ‎February 04, 2020

Hi all, my company changed its fiscal year from July to December. Hence, the previous fiscal year was from August 2017 to July 2018 (12 months). The current fiscal year is from August 2018 to December 2019 (15 months). Subsequent fiscal year end is December (ie. December 2020, December 2021, etc.). Now, my net income in Balance Sheet does not match to that in the Profit and Loss.

1) What should be the first month in the "Company Information" set up? August or January?

2) I have set the same filters for both the Balance Sheet and Profit and Loss, but the net income is still different for both reports.

Thanks for the help.

(PS. I'm using QB Desktop, not QB online)

SarahannC · ‎February 04, 2020

Hello there, ohs88.

I can see you've posted a similar question here. My colleague already shared an answer to your concern. Please refer to this link: https://quickbooks.intuit.com/learn-support/en-sg/reports/net-income-in-p-l-does-not-match-to-net-in...

We are all right here to help in case you have follow-up questions. Take care!

ohs88 · ‎February 04, 2020

Hi Sarah,

My apologies for the double posts. I didn't know my post in the local community can be seen in the global community.

I will follow up with James's reply.

Thank you.