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finance@signlang
May 12, 2023
Question

My P&L is not showing all my transactions from the bank, so my P&L is wrong. How can I correct this?

  • May 12, 2023
  • 2 replies
  • 0 views
Original commenter did not share additional details

2 replies

JenoP
JenoP
May 12, 2023

Hi there, finance. 

 

Can you tell us if the transactions are added to the correct bank account? You can open each transaction that you can't see in your P and L report. Then, make sure they are posted under the right account. 

 

 

 

There are also times that missing transactions can be caused by the Accounting method that you selected. The difference between cash basis and accrual basis reporting is how the date is determined for reporting the income or expense. 

 

Just go to the Accounting method section and select the right one. 

 

 

Additional details about this are discussed here: Why Are My Income and Expense Transactions Missing from my Profit and Loss Report?


Feel free to check out these articles for more guidance:

 

 

The Community is always here if you need anything else. 

F
finance@signlangAuthor
May 15, 2023

Hello,

 

Thanks for your reply.

 

We use cash basis of accounting and the result is always the same whether cash or accrual. I just set up our company with QBO and linked the bank from 2021 to date. The revenue for 2022 is under by like $50K and 2023 is under by like $23K. Unfortunately, the payments all look the same as they are for classes. Not sure what is going on as the P&L is inaccurate as it is.

 

Thanks

JaeAnnC
JaeAnnC
May 15, 2023

Thanks for getting back to us, finance. I'll point you in the right direction so your Profit and Loss report will display the complete transactions in QuickBooks Online (QBO).

 

I appreciate you taking my colleague's advice into consideration. Since the issue persists, I recommend contacting our customer care support to further determine the cause of the missing transaction in your Profit and Loss report. They may also open an investigation into this matter if necessary.

 

To do that:

 

  1. Go to the Help icon and click the Search tab.
  2. Select Contact Us.
  3. Enter a short description of your concern and select Continue.
  4. Choose between Chat with us and Have us call you.

 

Furthermore, QBO allows you to export reports to Excel. This way, you'll have the freedom to generate insights about your company.

 

Let me know if you have further questions about financial reports. I'm available at all times to offer my service. I hope you have a good day!

Rainflurry
Rainflurry
May 16, 2023

@finance@signlang 

 

Only bank transactions that hit income and expense accounts will show on your P&L.  Many bank transactions hit asset, liability, or equity (non-income or expense) accounts and those affect your balance sheet, not your P&L.  Is that what's happening? 

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