Do You Need Help with Reports?

Posted on October 30, 2013 by

It is the goal of this column to answer questions about QuickBooks and how it is used in the REI arena. Know how to record transactions in the proper way and have your set of books in good shape when it comes time for taxes. It is our intention to do this by you the members submitting questions to, and getting answers here in this column.

Q: P&L report does not match with Sales Report – how do I fix this?

A: An apparent discrepancy between P&L and Sales Reports can trace to one or more of several issues, including, but not limited:

  1. The accounting bases of the reports do not match.
  2. Sales items point to incorrect sales accounts
  3. The P&L report includes transactions that do not use items (e.g. The Expense Tab on a bill or a journal entry).
  4. List or transaction damage in the company data file.

Q: What is a Transaction detail by account QuickZoom report?

A: What this report tells you:

It lists the individual transactions that make up the amount you double-clicked on the profit and loss report you are working with. For example, if you double-click the amount for total income, this QuickZoom report lists the individual transactions from which QuickBooks calculated your income.

To open one of the listed transactions in its original form, double-click the transaction.

Q: What is the Retained Earnings account?

A: The Retained Earnings account is an equity account that QuickBooks creates when you start a new company. QuickBooks uses this account to track profits from earlier periods that have not yet been distributed to owners.

If necessary, you or your accountant can make manual postings to the Retained Earnings account, however in most circumstances it is discouraged that you post to Retained Earnings without consulting with your accountant first. You should post to a different equity account and advise your accountant what/where you posted the transaction so they know where to find it should a change be needed.

Karen BershadKaren Bershad is The Small Business Advisor. Most small business owners have a challenge handling all the different areas of running a business. The accounting can be a challenge, particularly if the software seems overwhelming. The Small Business Advisor is what you may need to get you to the next level of your business. We work at your office or provide off site assistance in getting things under control by providing a wide variety of services that are specifically for the small business.

Contact Karen Bershad


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