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

posted by Gregory West(R) E-mail, Manitoba Canada, 20.10.2016, 13:12

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
In some rare circumstances (or by coincidence) these *might* be the same.
Accounting 101

I do understand the Retained Earnings vs Current Earnings. I am having issues with the Current earnings, not Retained.

Here is something odd, I found a Year End issue. That has been fixed, but I still have a problem. When I run my income statement for 2015-05-01 to 2015-05-31 and the balance sheet as of 2015-05-31 the two 'current income' amounts are off by $757. At the end of June the difference says at $757. July the amount jumps to $12,951.67 and stays that was through out the rest of the year. How is this possible? I can understand if the Current Income is a carry forward amount. But why would it jump from one month to the next. There are no other transactions being entered. What I would expect is if the Balance Sheet 'current earnings' was off by X after the first month, it would remain off by X until year end. Where can the extra amounts be coming from.

Further investigation shows that the error of $756.67 comes on May 1st, 2015. On that day there are three I/E entries.
#1 Income of $1,390.00 10 service sales got a total of $1390.00
#2 Part Sale of $250.00
#3 Expense of $4,344
Total Income for the day is $ -2,704.00 Which is the amount shown on the Income statement. The Balance Sheet for May 1st, 2015 shows a current earnings of $-1,947.33. Deference of $756.67. It looks like the numbers for the income statement care correct, but I am not sure how I can find out what is going into the calculation for the Current Earnings. Is there a query or something that is being run to generate the Current Earnings. If so could I run it against my database to see what numbers SQL Ledger is using to calculate the Current Earnings?

Gregory A. West
DB&W Systems Limited


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