FAQs

Here are answers to some common questions asked about Financial Statements.

Why doesn't my Sales report match my Profit & Loss statement (report)?

There are several reasons for why this might be the case:

• Sales reports are usually based on a transaction date such as invoice date, invoice due date, order date or delivery date. Whereas, Profit and Loss (P&L) statements are usually based on posting date or journal date. These dates don't always align, especially when there is a delay in posting to the General Ledger (GL).

• Each of your database solutions might apply different logic. In addition, modifications or factors might be applied to GL postings that don't exist on the original invoice, which can result in further differences between sales data and P&L figures.

• Sales subledgers often store gross values, including Taxes, Discounts and Freight. The GL might record these as net or record the values against separate codes.

• The GL can include manual journal adjustments, accruals and corrections that are not in the subledger.