Thanks for joining the thread and sharing your concern, @JohnTxGlobal.
I'll lay down some possible reasons and solutions to fix the amounts on your financial reports in QuickBooks Desktop (QBDT).
There may be instances where reports display varying net income due to possible reasons. Thus, it might be why your profit is too high.
These are:
- Balance Sheet summarizes data at a specific point in time, and Profit and Loss summarizes data just for the selected period.
- The dates or bases of the reports do not match, or the filters are incorrect.
- The Fiscal Year preference is not set properly.
- Possible data damage.
To resolve this issue, let's ensure that parameters are consistent, such as Dates, Basis, and Filters.
Otherwise, check the fiscal year. here's how:
- Choose My Company from the Company menu.
- Click the Pencil icon.
- Under the Report Information tab, ensure the Fiscal Year is set correctly.
Alternatively, you can compare both reports for all dates. For further guidance on how to do so, check out this article: Net Income on the Balance Sheet report does not match the Net Income on the Profit and Loss report.
Also, have you encountered an error while adding a cost? This way, I can provide you an accurate resolution regarding this query.
If there is still a discrepancy in Net Income between the Balance Sheet and P&L reports, we can troubleshoot data damage issues.
For future use, you might want to save time using the same customized report by reading through this resource: Create, access, and modify memorized reports.
Ping me a reply if you have any further questions about managing your business profit or reports in QBDT. I'll always be ready to assist you. Stay healthy and hydrated.
