On my profit and loss after all expense and wages it shows £5200 but in my account I have less than that. How can this be true it records every transaction

Thanks for dropping by the Community, @useradamburke.

In QuickBooks Online (QBO), the information that will reflect in the Profit and Loss (P&L) report will differ depending on the accounting basis (Cash or Accrual) selected. The difference between these two is how the date is determined for reporting the income or expense.

When you run the P&L report using the cash basis, it will display the following:

• Your report counts income or expenses as though they happened when you got the payment or paid the bill
• A cash basis report only shows income if you have received cash and expenses if you have paid cash.
• If you sent an invoice or got a bill but the money hasn’t changed hands yet, your report doesn’t include it in your income or expenses

For Accrual basis:

• Your report counts income and expenses as if they happened when you sent the invoice or got the bill
• The report includes income and expenses even if the money hasn’t changed hands yet.

To learn more about finding your income and expenses in the P&L, I suggest checking out this article: Why are my income and expense transactions missing from my Profit and Loss report?

For tips and other resources, you may visit our website for reference: Self-help articles.

Reach out to me in the comment section below if you have any other concerns. I'll be happy to answer them. Have a wonderful day!