Net income on balance sheet does not match profit and loss
why does the net income on balance sheet not match net income of profit and loss
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JuliaNOTJulie3
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04/05/12 6:16am PDT
Open both the Balance Sheet and the Profit and Loss and be sure that both are on the SAME basis (either CASH or ACCRUAL). When both are on the same basis the net income SHOULD match.
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Julia
Specializing QuickBooks accounting through financial statements! www.dbzequalcdz.com Advanced Certified QuickBooks ProAdvisor
04/05/12 6:17am PDT
Hello Paul -please check to make sure the reporting dates match.
EDIT - not just dates, but time periods.
also
-try running directly from Reports instead of Memorized reports.
-try priniting month by month to isolate any issues
If this answers your question, please click SOLVED.
PatRigsby
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04/11/12 9:19pm PDT
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If they are both set to same report method (cash or accrual) and it is still off, go into your company information screen and make sure reports fiscal year and the tax year are the same period. For example, if the company fiscal year first month is July and the tax year first month is January, the net income may not match. If you need report for 12/31/11, set both first months to January .
