Profit and loss error
My profit and loss statement is incorrect by a huge amount - more than $100k, it lists income 53% higher than actual deposits. Is there a way that income/accounts could be doubled up?
Hi TOKLIN,
Thank you so much for your post and my apologies for the late response."Firstly, it's important to check whether you're using the P&L (Accrual) or P&L (Cash) report. The P&L (Accrual) report should align with the income reflected in your trial balance and general ledger reports for the month. On the other hand, the P&L (Cash) report is based solely on your cash movement, disregarding any unpaid invoices at the end of the period.
If you need further guidance or clarification on interpreting these reports, feel free to post again and one of us will be happy to assist you.
Regards,
Earl
