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Net Income on the Balance Sheet report does not match the Net Income on the Profit and Loss report

The Balance Sheet Report shows net income for current fiscal year and it should match the net income in Profit & Loss Report for current fiscal year. The most common reasons the two amounts do not match 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 set incorrectly.
  • The Fiscal Year preference is not set properly.
  • Damaged data, although this is rare.
How to fix it

Solution 1: Make sure the parameters are the same

Assure that both reports match Dates, Basis and Filters. The settings that you set will depend on why you are running these reports.
 

Solution 2: Check the Fiscal Year

  1. From the Company menu, select My Company.
  2. Click the Pencil icon.
  3. Under Report Information tab, make sure Fiscal Year is set correctly.
 

Solution 3: Run both reports for all dates to check for data damage

  1. Open Balance Sheet and Profit & Loss reports and set Dates to All.
  2. Set both reports to either Accrual or Cash basis.
  3. Set Display columns by to Year in both reports.
  4. Net Income account should now match. If not, proceed with basic data damage troubleshooting.
KB ID# SLN43522
12/6/2016 6:01:01 AM
PPRDQSSWS404 9138 Pro 2017 b8d679