Profit and Loss/Balance Sheet


A

April

On our Profit and Loss report one of our Cost of goods accounts is off.
If we click on that account, it brings up a transaction detail by account
report. On this report the balance is correct. For some reason the correct
amount is not showing up on the profit and loss. What had happened is that
this is for last month. Our accountants went in an changed an error and now
the profit and loss report does not show the changes.
The same thing is happening on our balance sheet. The inventory account
is off. Once we click on the inventory account it brings up a transaction
detail by account report. The balance on this report is correct. For some
reason this total is not being carried over to the balance sheet. It is the
same item that is affecting both reports. It is affecting the inventory and
COG's accounts that are associated with that particular item. Has anyone
else seen this? We are making sure that all reports are being ran for the
dates of 1/1/10 through 1/31/10.
 
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R

Rick Sparks

Hi April......You say: "Our accountants went in an changed an error".....
OK.... I assume they did that with a Journal Entry.... what is the date of
the journal entry?

If it is dated sometime in February, your report is showing exactly
correct.... because that is what it was for that time period.... the change
hasn't happened yet.
An easy solution is just to change the journal entry date to 1/31.

Of course, I could also be completely wrong and the problem is something
else :)
..... but this very well could be the cause.
 
I

icreateofx

Just to add to that- it could also be that you have both periods STILL open
simultaneously, which would not be a problem in itself. If the "correction"
journl was meant to be a reversing journal, then this would cause your
balances to appear "off".

Solution: If all the adjustments have been done for the last period, close
it any run off the BSor P&L report, you should spot the balancing amount.
 
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wrong P&L and cost of goods

yes, I saw that discrepancy as well. I have now discovered that the cost of goods report is hiding the VOID transactions. When you unhide the voids you will see the same totals as in the P&L report. The problem is that you don't seem to be able to hide voids in the P&L.
Has anybody a solution to this 'feature'?:eek:
 

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