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Why there can be discrepancies between payroll reports and profit and loss Statements

narellesales
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Why there can be discrepancies between payroll reports and profit and loss Statements

Can someone help me with my assignment?

Give one example of why there can be discrepancies between payroll reports and profit and loss Statements.

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Tracey_H
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Re: Why there can be discrepancies between payroll reports and profit and loss Statements

Hi @narellesales 

 

Thanks for your post. I'm happy to explain how those reports filter their data which should help with understanding why there would be a difference.

 

  • Payroll reports filter by the payroll categories used when processing payroll
  • Profit & Loss reports filter by accounts, so this will include all transactions posted to wage accounts not just pay transactions

For example, a Spend money transaction can be allocated to a wage expense account but won't be allocated to a payroll category.

 

Good luck with your assignment.

 

If my response has answered your enquiry please click "Accept as Solution" to assist other users find this information.

Cheers,
Tracey
Previously @bungy15

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megan22
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Re: Why there can be discrepancies between payroll reports and profit and loss Statements

An example is - at year end particularly, you would accrue for wages up to the end of the period which have not been paid yet - therefore, you will have wages in the P&L but they are not on the Payroll report.  It is a reconciling item or timing difference.

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