Skip to main content
B
books07
May 22, 2023
Question

Fiscal year ending in mid-month; FY Dec 12 to Dec 11

  • May 22, 2023
  • 1 reply
  • 0 views

Hi,

 

When I compare the net income reported on P&L and the one reported on the balance sheet the two amounts are significantly different. P&L reports a net income whereas balance sheet reports a huge loss. 

 

I think this discrepancy could be due to my fiscal year starting at the middle of the month, Dec 12. With setting changed in the company information section, my fiscal yr. in QB desktop has been set as Dec 1 to Nov 30

 

Please help so both the net income on P&L report and balance sheet are the same amount for the period Dec 12 to Dec 11.

 

Thank you!

1 reply

J
JamesM4
May 22, 2023

Hello books07,

 

Welcome to the QuickBooks Community. It's essential you're able to get the help you need with this. I'll be glad to point you towards the right direction so you can get the resolution you need. QuickBooks is a versatile program that offers endless abilities when it comes to managing your accounting. 

 

Based on what you've described, I encourage you to reference the following variables that may be causing the discrepancies on your report: 

  • Reporting dates: It's important to make sure your report dates include the transaction in question.
  • Cash vs Accrual: Since the report amounts can report differently due to the accounting method, I recommend checking the method you're using on your reports. You can change this setting while running your reports by selecting the Cash or Accrual radio buttons under Accounting method.

In case you need to edit the opening balance, I encourage you to check out this helpful article here. I also recommend clearing cache and cookies on your browser. Clearing cache and cookies helps with fixing most browser issues. You can do this by following the steps in this article: Clear Cache and Cookies. If you're still having issues after verifying the info above, I recommend contacting our support team so they can take a closer look at the issue. Here's how you can:  Contact QuickBooks Self-Employed Support. 

 

Let me know if this info helps, I'll be a message away in case you have other questions.

Terms & ConditionsAccessibility statement