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Balancesheet 'Current Earnings' <> Income Statement (General)

posted by DavidJ(R), 20.10.2016, 07:09

I run both the Income Statement for 2015-05-01 to 2016-04-30 and Balance
Sheet up to 2016-04-30. The problem is I get different numbers for the net
profit/loss, on the income statement, and the current earnings on the
balance sheet. Over the months the spread gets wider between these two
reports. Any idea as to why / how this is happening?

Different concepts.
Net profit in Income Statement is in respect of a slice of time. In your case, 366 days.
Retained earnings in Balance Sheet is from the beginning of time to balance date.
In some rare circumstances (or by coincidence) these *might* be the same.
Accounting 101


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