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P&L

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GROSS SALES on P&L report does not match FY SALES report total. Any areas I should review to reconcile?

QuickBooks Desktop

The P&L shows income, not sales.

- Income includes all transactions recorded using income accounts, including like deposits, journals, sales transactions like invoices and sales receipts, and even purchase transactions if they (for some reason) use income accounts.

- Sales, on the other hand, to be inclined on sales reports, are the details of sales transactions like invoices and sales receipts, regardless of the type of account used on the sales line items. They could use expense accounts, or asset or liability accounts. Either way, the details of your sales are included on sales reports.

What's an "FY SALES report"?

BigRedConsultingAnswer

The P&L shows income, not sales.

- Income includes all transactions recorded using income accounts, including like deposits, journals, sales transactions like invoices and sales receipts, and even purchase transactions if they (for some reason) use income accounts.

- Sales, on the other hand, to be inclined on sales reports, are the details of sales transactions like invoices and sales receipts, regardless of the type of account used on the sales line items. They could use expense accounts, or asset or liability accounts. Either way, the details of your sales are included on sales reports.

What's an "FY SALES report"?

G

GG6Author

Sorry my FY jargon is FISCAL YEAR. in this case FY = CY [calendar year] which is the P&L report parameter.

BigRedConsulting

OK, thanks.

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