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K
KBing
October 10, 2024
Question

Profit and Loss is off after moving items from one expense account to another in Quickbooks Desktop

  • October 10, 2024
  • 1 reply
  • 0 views

There was things reported in the wrong account, subcontractor expense, so we moved it over to the correct account which is payroll expense. But it changed our Profit and Loss to go into the negative and the amount of subcontractor expense did not come down and for amount that the payroll expense went up. How do I fix this?

1 reply

R
rvrfrf
October 10, 2024

Thanks for getting in touch with the Community, KBing. I appreciate your detailed information.

 

To properly identify what you need to do to correct a negative amount on your Profit & Loss report, I'd recommend working with an accounting professional. If you're in need of one, there's an awesome tool on our website called Find a ProAdvisor. All ProAdvisors listed there are QuickBooks-certified and able to provide helpful insights for driving your business's success.

 

Here's how it works:

 

  1. Go to our Find a ProAdvisor page.
  2. Use the City or ZIP search field to specify a location.
  3. Select Find a ProAdvisor.
  4. Browse through your results and find one that works best for the business. You can click on each ProAdvisor's profile to learn more information about them.

 

Once you've found an accountant, they can be contacted through their Send a message form:
 

  1. Use the available text box to introduce yourself. Be sure to include details about which services you're looking for.
  2. Enter your appropriate info in the Your name, Your email, and Your phone number (optional) fields.
  3. Select Send message.

 

I've also included a detailed resource about working with Profit & Loss reports which may come in handy moving forward: Profit & loss statement - What is it and how to create one

 

I'll be here to help if there's any additional questions. Have a wonderful Thursday!

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