profit and loss report

Thanks for bringing this to my attention, Walt. 

I'd be happy to walk you through the process of correcting the incorrect income balance displayed in the Profit & Loss report.

In most cases, the Profit & Loss report may show incorrect income balances due to duplicate transactions. For example, if you manually entered a bank deposit and simultaneously recorded received payments for your invoice, QuickBooks may calculate both transactions and double the income figure. However, you can fix this easily by deleting the manually created deposit. Here's how:

1. Go to Transactions, then select Chart of Accounts.
2. Locate and click the Account history of your bank.
3. Click the deposit you manually created, then click Delete.
4. Hit Yes to confirm.

Once you've deleted the manually created deposit, you can match the invoice payment to the cleared deposit from the Banking page. You can follow the steps below for your guidance:

1. Go to Transactions, then select Bank Transactions.
2. In the For Review tab, select the cleared deposit from your bank, then click Find Match.
3. Filter the Date range that includes the date when the invoice payment was created.
4. Check the Payment, then click Match.

After matching the transactions, you can run the Profit & Loss report again to check the total.

In addition, you might consider checking out these references, which can help you manage your bank transactions and keep your account accurate and balanced:

• Categorise and match bank transactions in QuickBooks Online.
• Reconcile an account in QuickBooks Online.

You can also customise your reports to make them personalised and focus on the details that matter most to you.

As always, please feel free to add a comment below if you have any other questions about managing reports in QuickBooks. I'm always here to help. Take care!