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A
angiek2
December 21, 2023
Question

Monthly Profit and Loss Report - Net Profit Changes

  • December 21, 2023
  • 1 reply
  • 0 views

I run the P&L Report by Month on a monthly basis and I enter the Net Profit onto a spreadsheet. I am noticing that Net Profit numbers have changed for previous months that were already reconciled and closed out. Any idea what might cause this? Some of these totals are off by $30 and some $3k. I just can't make sense of it. 

1 reply

Rainflurry
Rainflurry
December 21, 2023

@angiek2 

 

For your net income to change in a previous month, there must be an entry to an income or expense account in that month.  When you say "reconciled", do you mean the bank account was reconciled?  Are you on cash or accrual basis?  There can be any number of entries that will cause a previous month's net income to change without affecting your bank account - invoices or bills if you're on accrual basis or journal entries if you're on cash basis, for example.

 

Also, depending on your closing settings, users can make changes to closed periods after viewing a warning unless you require users to enter a password.  

A
angiek2Author
December 21, 2023

We are on a cash basis. I was referring to the reconciled accounts. I am typically the only person making entries, other than those made by Intuit and nothing downloads directly to our account (no bank feeds or c/c feeds). 

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