Profit And Loss Report Does Not Match A Sales Report

An important discrepancy between the Profit & Loss and Sale reports can occur due to multiple issues that may include the following reasons:

• The date ranges of the reports are not matching with each other.
• The accounting bases of the reports are not matching with each other.
• Sales items point to incorrect sales accounts.
• The P&L report includes transactions that do not use items (e.g., the Expense Tab on a bill or a journal entry).
• List or transaction damage in the company data file.

This article will allow you to correct the discrepancy between Profit and Loss and Sales report with some easy troubleshooting steps. You can also contact us at our toll-free QuickBooks Enterprise Support Phone Number +1-866-701-7446 if you want instant technical support for your issues.

How To Resolve The Discrepancy Issues?

Step 1: Confirm that the reports have the same date range and basis

• Open each of the report one by one and click on Customize report.
• Click on All from the Dates drop-down option.
• Set the report basis to Accrual and then click on OK.
• Check the reports.

If you still get a discrepancy on the income amount between two reports, then you can go to the next solution.

Step 2: Make sure the items point to the correct accounts

• From the main menu of QuickBooks, go to the Item List.
• Now, right-click anywhere on the Item List and then click on Customize Columns.
• Ensure that the Account and Cost Account columns are included.
• Validate the accounts for every sales item.
• Make corrections in all the items that have incorrect accounts.
• Check the reports again.

If you still get a discrepancy in the income amount between two reports, then you can go to the next solution.

Step 3: Check for transactions without items

• Open the P&L report Accrual basis and with Date should be set to All.
• For quick zoom on the amount, you need to double-click on it.
• Set Total By to Item on the detail report and then refresh the report.
• Navigate to the bottom of the report to check transactions totaled in the No Item.
• Check the reports.

If you still get a discrepancy on the income amount between two reports, then you can go to the next solution.

Step 4: Check for damage in your data file

You need to resolve data damage on your company file. Once you resolve the data damages, you need to validate the reports again and if a discrepancy on the income amount between two reports then you need to go to the next solution.

Step 5: Compare the detail reports line by line to find differences

• Open the Profit and Loss report
  • From the main menu of QuickBooks, go to Reports > Company & Financial > Profit & Loss Standard.
  • Click on Customize Report.
  • Click on All from the Dates drop-down option.
  • For quick zoom on the amount, you need to double-click on it.
  • Set the Total By to Item.
• Run the Sales report
  • Go to the Reports menu of QuickBooks and click on Sales > Sales by [Item Summary].
  • Click on Customize Report.
  • Click on All from the Dates drop-down option.
  • Set the report basis to Accrual and then click on OK.
  • If it is a summary report, then you need to double-click to quick zoom the total amount.
  • Set the Total by to Item.
• Close the source reports and leave only two detail reports only.
• From the Window menu, click on Tile Vertically.
• Do a comparison in two reports to identify the differences.

Technical Support For QuickBooks

The provided solutions should allow you to resolve the discrepancy between the profit and loss report. In case, you couldn’t resolve the issue and you still get a discrepancy in reports then you can contact us at our toll-free QuickBooks Support Phone Number +1-866-701-7446 and get instant support for your QuickBooks errors and issues.

[ratings]