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A
aclarke02
January 5, 2024
Question

Business profit different on Transactions tab vs. profit loss report

  • January 5, 2024
  • 1 reply
  • 0 views

I keep getting different business profit totals than what is listed if I just run a profit loss report or look at profit loss on the home page. Why is this? What is the reliable data?

1 reply

J
jeanbiverly_
January 5, 2024

Allow me to clear things up, @aclarke02.

 

The business profit totals displayed on the homepage are based on all the incomes and expenses recorded under the Transactions tab, which is all the money that has come in and gone out. 

 

However, the Profit and Loss report amounts are based on Schedule C categories. Some transactions may have been posted to particular categories but won't contribute to the actual financial report, which can be found in the Reports menu. For reference, please visit this article: Schedule C and expense categories in QuickBooks Self-Employed.

 

Another factor causing this might be the different dates between them. Please ensure that both of them have the exact dates.

 

In case you want to evaluate and download your transactions, you can use this article as a guide: Export transactions and get reports in QuickBooks Self-Employed.

 

Should you have further concerns about your business profit totals, feel free to add a reply. I'd be glad to help.

A
aclarke02Author
January 6, 2024

What’s causing the difference is for some reason the expenses total are different depending on if I run a profit loss or look at the income expenses totals on the transactions tab. I have always had this problem, I usually just go by the info on the profit loss statement but am very confused by why it comes up with different totals. 

J
JuliaMikkaelaQ
January 6, 2024

I know it's important to know why the total expenses in the transaction tab are different in the Profit and Loss report, @aclarke02. Let me share some clarifying details about this matter.

 

In QuickBooks Self-Employed (QBSE), the Profit and Loss report displays expenses based on the categories in Schedule C. However, certain expense transactions fall into categories that won't be viewed in the report, such as Credit card payments, Health Savings Account contributions, Homeowner/rental insurance, and more. Although these expenses are recorded in the Transaction tab, they do not reflect on the Profit and Loss report, and you'll have to run other reports to view them.

 

Meanwhile, the Transaction tab follows all money ins and outs regardless of its categories. Thus, the amount seen in the total expense can be higher than or different in the report. 

 

You can check this article for more details about the categories that appear in the Profit and Loss and other reports:  Schedule C and expense categories in QuickBooks Self-Employed.

 

Additionally, you can visit this article for your reference if you want to know the latest updates and changes in the expense categories to organize them more accurately: Updates to expense categories in QuickBooks Self-Employed.

 

Don't hesitate to comment back if you have other questions about managing your expenses in the profit and loss report and the transaction tab. I'll be here 24/7 to lend you a hand and share my knowledge about the program. Have a great day ahead!

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