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schmalts12
December 2, 2023
Question

Profit and loss way off, is this why?

  • December 2, 2023
  • 1 reply
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I had a major cleanup because of duplicate and missing bank transactions.  I am at the point where I reconciled up to November but my profit and loss is way off and I think I know why but want to make sure I do not mess anything up fixing it. My bank balance shows correct but QB balance is way off and my P&L is also way off.   So here is the question:

  If I look in my bank register I can see the transactions with "R" for reconciled.  But I have just as many in there from a month that was already reconciled that are with a "C" or with no letter.   Are these transactions changing my QB balance and P&L?  If so do I just go through and delete all transactions in register that are not marked with "R" if that month was reconciled?     

Question 2, what about transactions on the transaction page that are put into the "excluded" column, if I reconciled that month should those be deleted?

1 reply

J
Jelayca V
December 2, 2023

I understand that you want to fix the issue, @schmalts12. Let me share some insights with you so that you have the necessary information to understand the problem and how to solve it. 

 

First, it's essential to note that when previously reconciled transactions are modified, QuickBooks Online (QBO) may mark them as uncleared and show them again for reconciliation. This can lead to discrepancies in your financial reports. 

To ensure that your transaction records are accurate while reconciling, it is recommended that you refer to the bank statement as a reference. This will enable you to compare the transactions with the records in your QuickBooks system. Therefore, it's crucial to review your bank register transactions and ensure that all reconciled transactions are accurately marked as "R." 

 

If you find transactions from a month that was already reconciled with a "C" or no letter, these transactions might be affecting your QuickBooks balance and profit and loss statement. In this case, it's recommended to consult an accountant before making any changes to ensure that your books are correct, and your reconciliation balances are accurate. 

 

For transactions that are put into the "excluded" column, you may consider deleting them, but only after careful review and if you have already reconciled the month to which these transactions belong.

 

To learn more about reconciling your accounts so that they match your bank and credit card statements in QBO, you can visit this article guide: Reconcile an account in QuickBooks Online

 

You may also refer to this article for future reference: Why are my income and expense transactions missing from my Profit and Loss report?

 

If you have any further questions about the reconciliation in QBO, please don't hesitate to reach out. I'm here to help you out.

                                               

S
schmalts12Author
December 2, 2023

I found another reason.  Under my P&L I show close to double the income I really have.  In accounts and reports I have many duplicates of the same amount in both "sales of products"  and "services"    How can this be fixed?

J
jeanbiverly_
December 2, 2023

Hey there, @schmalts12.

 

I'm glad to assist you with fixing duplicate amounts in both "sales of products" and "services" on your profit and loss report. Before proceeding, I'd like to ask a few questions to address your concern accurately.

 

First, did you manually add transactions or link your bank accounts to QuickBooks Online (QBO)? Second, what income accounts were used in your products and services? Was it income or bank?

 

I'm looking forward to your response. Take care, and have a great day!

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