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Mike M5
January 1, 2024
Question

Profit & Loss Report

  • January 1, 2024
  • 2 replies
  • 0 views

When I run a P&L for last year it shows Sales with a total and Services with a total.  It's virtually the same total and when I check, it is a duplication of the income.  The report is adding the two together for a reported total double what it should be.  Which should I be seeing in the P&L Sales or Services and how do I turn off the other so it's not included?

2 replies

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Ethel_A12
January 1, 2024

Hello there, @Mike M5.

 

I'll help you resolve the issue with your Profit & Loss report that shows duplicate transactions for Sales and Services in QuickBooks Online.

 

To avoid duplications, we can filter your reports to display only the specific accounts you want. However, this may still impact other reports and balances on your Chart of Accounts.

 

Here's how:

 

  1. From the left menu, go to Reports.
  2. Click the Customize button.
  3. Scroll down and click Filter.
  4. Tick the check box for the Distribution Account.
  5. From the dropdown, choose the accounts you are using.
  6. Click Run Report.

 

I would also like to know if you are using Banking as well as recording the transactions manually. 

 

If so, you might have added the bank transactions to your register instead of matching. I recommend you undo the categorized transaction and then match or find a match. 

 

You can then pull up the report again and see if there are any changes.

 

If you have done things differently, I would appreciate if you can provide a screenshot so I can check further of what is showing on your Profit & Loss report.

 

For future reference, you can read these articles about customizing and memorizing the customization of the reports in QuickBooks Online:

 

 

Don't hesitate to click the Reply button below if you need further assistance in running reports with QuickBooks Online.

Rainflurry
Rainflurry
January 2, 2024

@Mike M5 

 

If the P&L is doubling your income using two separate income accounts, then, somehow, income is being recorded twice.  Filtering the P&L shouldn't be necessary.  You need to dig in and find out why income is being recorded twice.  Are you using bank feeds and possibly duplicating your income by not matching the transactions to the invoices, sales receipts, or payments?  That's very common.  How do you record sales - using invoices, sales receipts or ???  Also, if your income is overstated by 2x, then you must have another account that is overstated by the same amount.  Do you reconcile your bank account monthly?  Is there anything on your balance sheet that looks off like an overstated bank account or undeposited funds?    

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