QuickBooks is a robust accounting program that may assist you in maintaining accurate and up-to-date financial records. The two reports should match when you reconcile the sales tax liability report to the profit and loss standard report. Due to the transactions in the data file, it is not necessarily possible to compare total sales with total income in QuickBooks. To resolve this issue, compare the two reports to determine which transaction is creating the disparity. Continue reading until the end.
What if the sales tax reports in QuickBooks don’t match the overall income? Call our QuickBooks customer care number for assistance from our knowledgeable QB experts.
In QuickBooks, how can I match total sales to total income?
When you reconcile total sales to total income in QuickBooks, you may see an error message that says, “Sales tax liability Report: Total sales is different from total revenue.” In this case, you’ll need to compare the two reports to figure out which transaction is the source of the problem. When comparing these two reports, you must know which reporting basis you have chosen for your sales tax. To compare the reports, use the links provided below.
Liability for Sales Tax
To match total sales with total income in QuickBooks, start by running the sales tax liability report by following the instructions just below:
● Select Suppliers & Payables from the Reports menu, and then Sales Tax Liability from the drop-down menu.
● You need to double-click the Total for Total Sales column to see the Sales Tax Revenue QuickZoom report.
● Afterwards, choose Customize Report from the drop-down menu.
● Then, decide whether you want to report on an accrual or cash basis.
● Select the date range for your sales tax liability report from the Display tab.
● Continue on to the Filters page and select Accounts.
● From the drop-down box, choose All ordinary income accounts.
● You must pick Transaction Type from the Filters tab.
● Select Multiple Transaction Types from the drop-down menu.
● For all transaction types except Invoice and Sale Receipt, check the box.
● To return to the Filters window, choose OK.
● To return to the report, click OK once more.
Standard Profit and Loss
Let’s run the profit and loss standard report in QuickBooks to match total sales with total income and locate the transaction generating the disparity now that you’ve seen the sales tax liability report:
● Choose Company & Financial from the Reports menu, then Profit & Loss Standard again.
● After that, double-click Total Income.
● Choose Customize after that. Report
● Moving forward, you must decide whether to report on an accrual or cash basis.
● Choose the same date range from the Display tab as you did in the sales tax liability report.
● Select Accounts from the Filters menu.
● Pick All ordinary income accounts from the drop-down list.
● Choose Transaction Type from the Filters tab’s drop-down menu.
● Then, from the drop-down option, select Multiple Transaction Types.
● Your previous action will bring up a box where you must check the boxes for all transaction types except Invoice and Sale Receipt.
● To return to the Filters window, select OK.
● Pick OK once more, and you’ll be sent back to the report.
In QuickBooks, the technique outlined in this post might assist you in reconciling total sales with total income. Give us a call at our QuickBooks customer care number if you have any questions about the solution and need to speak with one of our experts. Our devoted team of professionals will assist you in resolving inconsistencies in your reports so that total sales and total income in QuickBooks can be reconciled without difficulty. To resolve any issue, you can also email us at (firstname.lastname@example.org). For more information on QuickBooks, please visit our website at Quickbooks Support.