Hello everyone. I have issues with my profit and loss balances. Can anyone help?

Hi finance-theredwo,

It's vital that your Profit and Loss report is accurate and up to date.   Based on the information you've provided, when this happens in QuickBooks Online there may be a few underlying factors.  I'd be happy to help!

Initially, I'd recommend ensuring that the date range is the same for the reports.  If this is accurate, depending on the date you're recording the entries, you may be adding them after an account has already been reconciled for that period.  As you've mentioned, you're having to reverse the transactions back out.  This would indicate you may have created a duplicate entry.  I'd suggest reviewing the transactions prior to adding new ones to prevent duplication.  

To locate a previously recorded and/or reconciled transactions, follow these steps:

1. From the Gear in the top right, select Chart of Accounts

2. Locate the account and click on Account History in the Action Column

3. Select the drop-down arrow above the date to set filters and minimize your search

4. The entry should appear if it's already been recorded

5. Reconciled items will be marked with an 'R'

Additionally, I suggest reaching out to your Accountant to determine what may be causing the discrepancy in your report. They'll provide you with the best course of action to prevent this from happening in the future.  If you don't have an accountant we can help you find a ProAdvisor in your area.

If you have any other questions, please reach back out.  We'd be happy to assist!