Net Income from Profit & Loss Statement Does Not Match Balance Sheet

Q. Normally the Net Income amount on my Profit & Loss Statement always matches the Balance Sheet of my monthly financial statement. Unfortunately, they don't match this month. How can I find out why this happened and resolve the problem?

A. There are several issues can be causing the mismatch. I suggest you try the following steps to fix the problem:

1.  Verify that the Trial Balance (Summary) is in Balance -- Print the Summary Trial Balance to make sure it is in balance. You may run "Recalculate Account Balances" to refresh the GL Period Account Balance file if it is out of balance.

2.  Verify that the Balance Sheet Statement is in Balance -- Compare Total Assets with Total Liabilities and Equity to make sure it is in balance. If the answer is yes, then we can trust the Net Income amount on the Balance Sheet.

3.  Carefully Review the Profit & Loss Statement:

  • New Expenses or Revenue Account were not incorporated into the Statement Layout File -- This is the most likely cause for a mismatched balance. You should compare the P&L and Trial Balance amounts account by account to find out if any are missing.
  • If P&L Net Income is Greater than Balance Sheet -- Chances are that an Expense account is missing from the P&L Layout file.
  • If P&L Net Income is Less than Balance Sheet -- Chances are that a Revenue account is missing from the P&L, or that an Expense account is duplicated in the P&L Layout file. 
  • Modify Statement Layout File -- Add any new missing account information to the P&L Statement Layout file, then rerun the Financial Statement.



General Ledger

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  4. Is There a Way to Pull All Manual GL Entries Out of Elliott?
  5. How to Print a Wider Financial Statement
  6. General Journal Transaction Out Of Balance After Interface with AR
  7. How to Archive GL Data Before Year-End Closing Procedure
  8. GL Year-End Closing Checklist
  9. Do I Need to Kick My Users Out When Interfacing with Other Packages in GL?
  10. General Journal Transaction In Balance But Not Able to Post
  11. Net Income from Profit & Loss Statement Does Not Match Balance Sheet
  12. Feature - G/L Interface from Other Package Customer/Vendor/Employee Number/Name Default
  13. Error During GL Interface from Other Package and Journal Transaction Is Lost
  14. COMPRESS General Ledger Processing Compress General Ledger TRX File
  15. GLBUDMNT General Ledger Budget File Maintenance
  16. GLCMPMNT General Ledger Comparative File Maintenance
  17. GLCONSOL General Ledger Company Consolidation
  18. GLCTLMNT General Ledger G/L Setup
  19. GLDSTMNT General Ledger Distribution Code File Maintenance
  20. GLENTMNT General Ledger Financial Entity File Maintenance
  21. GLJNLLST General Ledger Journal History Report
  22. GLPRDMNT General Ledger Accounting Period File Maintenance
  23. GLPRDSCN General Ledger Period Account Balance Report
  24. GLRATSCN General Ledger Financial Ratio Report
  25. GLRECALC General Ledger Recalculate Account Balances
  26. GLRECENT General Ledger Recurring Journal Trx Processing
  27. GLSRCMNT General Ledger Source File Maintenance
  28. GLTRIALB General Ledger Trial Balance Report
  29. GLWRKSHT General Ledger Print General Ledger Worksheet
  30. INTERFAC General Ledger Interface From Other Packages
  31. TEXTMNT General Ledger Statement Text File Maintenance
  32. SRCEXREF General Ledger Source Cross Reference Report
  33. YEAREND General Ledger Year-End Procedure
  34. GLACTMNU General Ledger G/L Account File
  35. GNJINLENT General Ledger General Journal Trx Processing
  36. My Net Income (BSNI) at Balance Sheet Does Not Equal My Net Income on the P&L Statement
  37. Budget File Maintenance Questions & Answers
  38. LAYMNU General Ledger Statement Layout File Maintenance 1
  39. LAYMNU General Ledger Statement Layout File Maintenance 2
  40. LAYMNU General Ledger Statement Layout File Maintenance 3
  41. LAYMNU General Ledger Statement Layout File Maintenance 4
  42. LAYMNU General Ledger Statement Layout File Maintenance 5
  43. LAYMNU General Ledger Statement Layout File Maintenance 6
  44. LAYMNU General Ledger Statement Layout File Maintenance 7
  45. LAYMNU General Ledger Statement Layout File Maintenance: Index
  46. STMNTMNU Select and Print Financial Statements 1
  47. STMNTMNU Select and Print Financial Statements 2
  48. STMNTMNU Select and Print Financial Statements 3
  49. STMNTMNU Select and Print Financial Statements 4
  50. STMNTMNU Select and Print Financial Statements: Index
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  52. How to Distribute Sales to General Ledger by Warehouse Location

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