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QuickBooks Profit and Loss Report Wrong | How To Rectify?

QuickBooks Profit and Loss Report Wrong

The profits and loss reports in QuickBooks can provide you the precise insights into your business performance and help in making more informed decisions to maximize your gains. In QuickBooks, you can get an accurate profit and loss report for a specified period of time. However, the report you get from QuickBooks is based on what inputs you provide to it and how efficiently you are using this amazing feature of the software. Sometimes, you may notice a significant discrepancy between the profit and loss and a sales report. Several reasons may give rise to QuickBooks profit and loss report wrong error, you may find and fix by reading this blog until the end.

Profit and loss report does not match a sales report? Immediately dial our QuickBooks support number 1.800.579.9430 and get assisted by QB experts in the error-resolution

Reasons That Bring Forth Discrepancies in QuickBooks Profit and Loss Statement:

The faulty report of profit and loss in QuickBooks Desktop can be promoted by various reasons as mentioned in the below-listed points-

  • When a different date range is selected for both of the reports, you may get QuickBooks profit and loss report wrong.
  • If a different “basis” is used to generate profit and loss reports.
  • Possible data damage in the company file
  • When the P&L report have transactions that do not use items
  • You may have selected a different sales account to address the sales items

How To Resolve QuickBooks Desktop Profit and Loss Report Wrong Issue?

As you have seen the possible causes behind the “QuickBooks profit and loss report is wrong” problem, you need to troubleshoot these reasons to rectify the wrong P&L report. Below are some of the most preferred solutions that can help you in resolving the error with ease.

Solution 1: Rectify If Reports Have Different Date Range or Basis

You select a different date range or basis for the reports; then, you need to modify your selections.

  • Go to the reports in QuickBooks and then select Customize report option
  • Now click the Dates drop-down menu and select All from the given options
  • Change the report basis to Accrual and click OK to save the changes.

If still getting negative expense in QuickBooks or some other discrepancy between the two reports, move to the next solution.

Solution 2: Verify That a Correct Account Is Picked For the Sales Items

Selecting a wrong account for the sales items can also make your QuickBooks profit and loss report wrong. To fix this, follow these steps-

  • Open List menu and select Item List
  • When the Item List opens, right-click anywhere on the screen and then select Customize Columns
  • Confirm that Account and Cost Account columns are selected
  • Now ensure that each sales item are intended to the correct account
  • On finding items linked to a wrong account, correct it

Now check the accuracy of the reports once again after finishing the procedure. If the error continues, try the next solution.

Solution 3: Check the Transactions That Do Not Use Items

Transactions without Items may give the QuickBooks profit and loss report wrong, so you need to make sure that no such transaction should be there in the report.

  • Run P&L report having Accrual selected for basis and All for Date
  • Now zoom in the amount in question by double-clicking it
  • From underneath the detail report section modify the Total By option to Item and then refresh to see the report for this new selection
  • Now move down to the bottom of the report and check the total amount of the transactions listed under No Item
  • Check the reports again to check if the discrepancies between the P&L and Sales report are rectified. In not, check the next procedure.

Solution 4: Repair the Data Damage on Your Company File

Possible data damage or corruption on your company file may also result in the QuickBooks profit and loss report wrong issue. Check how to fix data damage on your company file using QuickBooks Verify and Rebuild Data Utility and run the report again.

No Relief So Far!

We have put our deliberate efforts in this post to fix “QuickBooks Profit and Loss Report wrong” while discussing the possible causes and troubleshooting steps. However, if you face any technical unease while fixing various wrong QuickBooks profit and loss reports, then get in touch with us at QuickBooks support phone number 1.800.579.9430 for immediate error resolution. You may also get help for other instances of this error such as-

  • Quickbooks Profit And Loss Not Showing Income
  • Quickbooks Profit And Loss Report Is Blank
  • Negative Expense In Quickbooks

Thanks for reaching us regarding your “QuickBooks Profit and Loss Report Wrong” query.