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Smash652
July 6, 2022
Question

I am doing our Partnership Tax Return and I have raised the Balance Sheet and Profit and Loss but the profit shown is different on each report?

  • July 6, 2022
  • 1 reply
  • 0 views
The profit carried forward on to the Balance sheet is only for part of tax year i.e.  from the beginning of the accounting year to the end of tax year.  Our accounting year is Oct to Sept.  The P&L show the profit for the tax year i.e. 6 Apr to 5 Apr but the Balance sheet shows the profit from Oct to 5 Apr.  Why?

1 reply

MariaSoledadG
MariaSoledadG
July 6, 2022

Let me share some information about the differences between a Balance Sheet report and other reports in QuickBooks, Smash652.

 

Generally, the Balance Sheet report shows a net income for current fiscal year and it should match the net income on the Profit & Loss report. However, since the Balance Sheet report is a cumulative report that carries a beginning balance. There are times though that the report will show a different net income. For the rest of the reports, the date range you set only applies to the net income and the specific account you select within the report. To be more specific, if you have GBP 50 of sales tax in March and GBP 60 in April, the Balance Sheet will show GBP 110 for the sales tax liability account.

 

If the date range for the report is April, it will still show the cumulative total of GBP 110. But if you select GBP 110, the transaction detail report will show a beginning balance of GBP 50 and then a GBP 60 transaction for April. Also, the Sales by Productive/Service reports is limited to the date range you set. If you set the report date for April, then it will reflect only April and show the GBP 60 only. You'll want to run the Balance Sheet Summary report instead to see a higher-level of summary or other reports that give you the same information.. 

 

To give you a clearer idea on how this happens, I've included these resources for your reference:

 

Furthermore, QuickBooks Online (QBO) gives you the flexibility to generate reports. You'll have the option to export your data if you may want to use them outside of QuickBooks. To give you a clearer understanding on how this works, check out this article for detailed steps: Export Your Reports To Excel From QuickBooks Online.

 

Drop a comment below if you have any concerns about reports. We're here to make sure everything is covered.

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