I'm getting ready to pay my sales tax to the state so I ran a P&L statement for the year and got a figure for my "Total Income" - sales of goods and services. I then ran the QB Sales Tax report which shows my "Totals Sales" that is about $500 more than "Total Income" on my P&L. How can these two figures be different? They are both from Jan 1 through Dec 31?
Are there any journal entries or non sales related entries hitting the income account? I would run a detailed transaction report to see if there are any stray transactions posted to that account.
Sorry for the panic attack. After further investigation the problem (ok not problem but oversight) was a number of "expenses" that were attached to customer invoices.
Sounds about right. Have a boss that had me put a negative expense on an invoice to save on taxes. For the IRS it doesn't affect the bottom line, but for his local tax on gross sales, it doesn't show up.
The boss asked, why don't they match. Uh, you ordered it so! At least it wasn't a commissioned sales rep!
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