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vicenteborga
Dec 27, 2023 6:48 PM UTC
Solved

Why do are my expenses different from my deductions?

On the dashboard, in the P&L module, my expenses show one number and then in the Taxable Profit module, it shows another number for 'Deductions'. I'm not aware of any expenses of mine that wouldn't be deductible, so I'm wondering what accounts for the discrepancy here? Thanks in advance.

Carneil_CAnswer
Dec 27, 2023 10:52 PM UTC

Hi there, Vicente.

 

I've got some details you need about the Profit and Loss report in QuickBooks Online.

 

Please know that the amounts shown on the Dashboard page are only an estimation of your income and deductions from your business. You'll want to run the Profit and Loss Report instead to view the exact amounts for your taxable expenses account.

 

Here's how you can pull up the report:

 

  1. Go to the Reports menu.
  2. Enter and choose Profit and Loss report in the search field.
  3. Set the date range for the Report period.
  4. Choose the correct Accounting method.
  5. Choose Run report.

 

Alternatively, you can also reach out to your accountant if you want further explanation and professional advice about your financial reports.

 

On top of that, I’ve added this article that helps you modify your reports and save their current customization settings for future use: Memorize Reports in QuickBooks Online.

 

Keep me posted if you still have questions or concerns about your reports in QBO. I'll be around for you.

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1 reply

Carneil_CAnswer
Dec 27, 2023 10:52 PM UTC

Hi there, Vicente.

 

I've got some details you need about the Profit and Loss report in QuickBooks Online.

 

Please know that the amounts shown on the Dashboard page are only an estimation of your income and deductions from your business. You'll want to run the Profit and Loss Report instead to view the exact amounts for your taxable expenses account.

 

Here's how you can pull up the report:

 

  1. Go to the Reports menu.
  2. Enter and choose Profit and Loss report in the search field.
  3. Set the date range for the Report period.
  4. Choose the correct Accounting method.
  5. Choose Run report.

 

Alternatively, you can also reach out to your accountant if you want further explanation and professional advice about your financial reports.

 

On top of that, I’ve added this article that helps you modify your reports and save their current customization settings for future use: Memorize Reports in QuickBooks Online.

 

Keep me posted if you still have questions or concerns about your reports in QBO. I'll be around for you.

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