Change in Equity on the Balance sheet does not match my Profit and loss report.

Legacy KB ID: 3048

Question

Why doesn't the profit for a particular period equal the movement in the equity account on the balance sheet for the same period?

Answer

The discrepancy can be caused by entering opening balance transactions, or by entering a transfer from an account back into the same account, which causes Reckon home and business to alter the Equity balance.

To resolve this;

1) Click 'Customise' in the P & L report and select 'Advanced'.

2) Select 'Include all' for Transfers and 'Create Report'.

3) Scroll to the bottom of the report and look for any "Balance Forward" figures. These figures will make up the discrepancy in amounts between the P & L and the movement in Equity account balance.

Need more help?

Ask the Reckon Community at: https://community.reckon.com/categories/reckonaccounts

Or

Log a Support Ticket: https://www.reckon.com/au/support/