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April 14, 2024
Question

Troubleshoot: Net revenue n the balance sheet equity section does not equal net revenue on the income statement.

  • April 14, 2024
  • 1 reply
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1 reply

April 15, 2024

Hello there, NinaVC50. 

 

We can run through the balance sheet and profit and loss report. Let me show you how.

 

First, make sure the reports have the same Dates, Basis, and Filters, as the settings depend on your purpose for running them.

 

Next, follow these steps to make sure the Fiscal Year is set correctly.

 

  1. Go to Gear icon, and select Account and settings.
  2. On the left panel, select Advanced.
  3. Click the Pencil icon in the Accounting section and review the Fiscal Year.
  4. Once done, Select Save.

 

After this, we can run both reports for all dates. Open the balance sheet and profit and loss reports with the following steps:

 

  1. Go to Reports, under Business overview select Balance Sheet.
  2. In the Report period, click the dropdown and change it to All Dates.
  3. In the Accounting method choose Cash or Accrual.
  4. Change the Display columns by to Years.
  5. Select Run report.

 

Repeat the same process for the Profit and Loss report.

 

Furthermore, I've added this article to learn more about how to get the most out of your financial reports: Customize reports in QuickBooks Online

 

If you have further concerns about running reports in QuickBooks Online, feel free to come back here in the Community. We're here to assist you 24/7.