Discrepancies in Profit and Loss Report

Discrepancies in Profit and Loss Report

Garnering issues within financial reports of the business within QuickBooks is quite common if the user is not a certified accountant or bookkeeper as the process is quite complex irrespective of software easing the pressure by generating the report on its own as long as the digits and other details are provided authentically by the user. However, there are chances of getting the same issue by experienced user as well if some specific data is represented wrongly or there are missing details. User needs to be very sure of the authenticity of data put in the software right from the starting as the same data is carried forward to create these end of the year statements and reports.

Must Read – How to Avoid Discrepancies in Sales Tax Report in QuickBooks

In order to ensure all the reports are facing issues due to technical reason and not due to any changes made within the software a discrepancy report is generated and run. This report narrows down the reason behind mismatch of total amount and other issues within the Profit and Loss Report. To run the report user needs to follow steps provided below:

  1. Open software and then access the Profit and Loss report.
  2. Ensure the date category is set to All Dates option and then select Run Report tab.
  3. When the transaction highlighting the discrepancies is found then click on it which will open the whole transaction and provide detailed report regarding it.
  4. Click on the Customize button.
  5. Next under the field of Rows/Columns, select the option Change Columns.
  6. Verify the Clr and Last Modified box, then select Run report tab.
  7. Now click on the Sort by drop-down menu and then select Last Modified.
  8. Also specify to Sort in Descending order.
  9. Lastly click on Run Report.

This will ensure that the user is provided with the transactions that have undergone modification within the date range set. If the user does not process any discrepancies in the report, then it could be that the transactions might be deleted. Next step is to run the Audit Log for this issue. Here are the steps to check for deleted transactions in the Audit Log:

  1. Click on the Gear icon.
  2. Select the option called Audit Log.
  3. Click on Filter tab and then set the date range.
  4. Now select Apply option.
  5. Look under the Event column to locate the deleted transactions.
  6. User needs to click on the View link to see the details.

Must Read – Common Sales Tax Issues with QuickBooks

The above steps should resolve any discrepancies found within the QuickBooks Profit and Loss Report. However, if still some facts seemed to be wrong and the reports is persisting with discrepancies it is recommended to connect with the Intuit setup customer support team for QuickBooks who are adept in handling these accounting issues faced with the software and have vast number of experience to back them up.  

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