Profit and Loss/Balance Sheet

Discussion in 'Microsoft Accounting' started by April, Feb 18, 2010.

  1. April

    April Guest

    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.
    April, Feb 18, 2010
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  2. April

    Rick Sparks Guest

    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.
    Rick Sparks, Feb 19, 2010
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  3. April

    icreateofx Guest

    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.
    icreateofx, Mar 13, 2010
  4. April


    Nov 8, 2010
    Likes Received:
    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:
    Herbie, Nov 8, 2010
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