Why are the numbers on my Profit and Loss Report incorrect?

Legacy KB ID: 2109

Question

My Profit and Loss report seems to be incorrect.

Answer

If the numbers on your Profit and Loss Report appear to be incorrect, troubleshoot them for the following common problems:

  1. Report Filters
  2. Report Basis
  3. Sales Items

Report Filters

Check the filters on your report. When troubleshooting, reset all filters to default by choosing a standard report. This ensures there are no filters that you may be unaware of.

  1. From the Reports menu, choose Profit & Loss, then choose Standard.
  2. Report dates - check the dates on your report.
    Most of the date options default to your financial year, not the calendar year.

For example, if your financial year starts on February 1st, a report set for the dates "This financial year" will show dates of 01/02 to 31/01. Your financial year setting is stored in the Company Info window under the File menu.

When comparing your Profit & Loss report to a Balance Sheet report, note that the dates can produce different results. The date on a balance sheet report means "as of" a certain date.

A profit and loss report uses the time period determined by your "from" and "to" dates.

Tip: set the "from" date on your profit & loss report to the date of your earliest transaction. This makes the date the same as your balance sheet report.

Report Basis

Check whether you're reporting on a cash or accrual basis.

Reckon Accounts allows you to report using either basis and has the ability to switch at any time.

Note: Reckon Accounts tracks Credit Card accounts using the accrual method.

Sales Items

Make sure your sales or invoice items are set up to reference or "post" to income accounts.

A common error occurs when you assign sales items to an asset or liability account.

Reckon Accounts is unable to update your income accounts if you use an asset or liability account to track these items.


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/

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