The (All Time) P&L Account Balance on the Balance Sheet Report does not agree with the Profit before Tax figure on the Profit and Loss Report. The amount of the difference is an erroneous opening balance in the Trial Balance. Given that you cannot go back and change an opening balance, how can you correct this error so that the bottom line of the Profit and Loss Report carries forward correctly to the Balance Sheet Report.
You can go back and edit opening balances, they’re treated as a type of Journal in QuickFile and can be accessed from the Journal screen (Reports Menu). The only exception would be if you’ve locked down a period through filing an end of year.
Can you locate your OB journal? If so is it locked? If it’s locked are you able to remove any year-end journals that are locking the period?
Glenn, thank you so much for your help. I went to Accounts Lock Date Box and went back one whole year which meant that the year end journal was unlocked. I made the adjustment and the balances were correct. Thank you so much Glenn, I had spent a great deal of time and effort trying to sort it out myself and had previously been unsuccessful.
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Excellent, glad you sorted this!