The Profit and Loss Statement and Balance Sheet are the Quality Control reports inside Month End Close. Both pull live data straight from QuickBooks Online, so you can review your client's financials, catch anything that looks off, and fix transactions without leaving Financial Cents.
Both reports are part of the Month End Close feature and require Month End Close access and a connected QuickBooks Online client. If you have not set up Month End Close for a client yet, start with the Month End Close Overview.
Access the Reports
Navigate to the client's profile.
Click the Month End Close tab.
Find the Quality Control card on the dashboard.
Click Profit and Loss Statement or Balance Sheet to open the report in an aside panel.
Both reports load data directly from the client's connected QuickBooks Online file.
Profit and Loss Statement
The Profit and Loss Statement summarizes revenue, cost of goods sold, and operating expenses down to net income, pulled straight from QuickBooks Online rather than recalculated in Financial Cents. That means the numbers you see reflect QuickBooks Online at the moment the report runs.
Choose the accounting basis and month
Once the report loads, switch between the Cash and Accrual tabs to change the accounting basis. Use the month picker (helper text: Select the month to compare with prior months) to choose which month to review. Financial Cents automatically pulls the 2 months before your selection as comparison columns, so you always see 3 months side by side.
Read the Year-to-Date column
The rightmost column shows Year-to-Date totals for the year through the end of your selected month, replacing QuickBooks Online's own trailing period total. The 3 monthly comparison columns are unchanged, only the final column becomes a running year-to-date figure. The Year-to-Date column is included when you export the report.
Show or hide variance flags
The Profit and Loss report shows changes from the prior period: a green badge with a percentage (for example, +200%) marks an increase over the prior period, a red badge marks a decrease. Use the Show variances / Hide variances dropdown above the report to toggle the badges on or off. Hiding them is a display-only change, it does not reload the report.
Balance Sheet
The Balance Sheet shows assets, liabilities, and equity as of the end of the selected month, also pulled directly from QuickBooks Online. Like the Profit and Loss Statement, it shows the selected month alongside the 2 months before it and shares the same Cash/Accrual toggle and month picker. Because it is a point-in-time snapshot rather than a running total, the Balance Sheet has no Year-to-Date column and does not show variance badges.
Drill Into an Account's Transactions
Hover over an account amount and click the transaction icon (tooltip: View transactions) to see the QuickBooks Online transactions behind that figure, for example everything that makes up "Office expenses, $4,200" in a given month.
The drill-down panel lists Date, Vendor, Amount, Category, Description, Type, and Account, 50 transactions at a time with a search bar (Search by account, vendor, category or description). On a Balance Sheet account, the panel also shows the account's Beginning Balance and Ending Balance for the period.
From here you can:
Click an editable Vendor or Category cell to make a correction.
Select multiple rows using the checkboxes and click Bulk Update to edit several transactions at once.
Click Push Changes To QuickBooks Online to sync your edits back to QuickBooks Online without leaving Financial Cents.
❗Some transactions are read-only. Split transactions cannot be edited here, and some transaction types have a locked Category because the account comes from their line items. Use the QuickBooks icon to open these transactions in QuickBooks Online.
If a push fails, the panel shows which transactions could not be synced. Review the errors and try again. Successfully synced rows stay updated. If you close the panel with unpushed edits, choose whether to push or discard those changes.
Click the QuickBooks icon on any row (tooltip: View transaction in QuickBooks Online) to open that exact transaction in QuickBooks Online in a new tab.
Add a Comment to a Number
Hover over any account's amount cell and click the speech bubble icon (tooltip: Add a comment) to explain why a number moved, for example, "Spike here is the annual insurance renewal." A cell that already has a comment shows a filled speech bubble instead (tooltip: View comments).
A comment attaches to one account in one month. Subtotal rows, group headers, and the Total/Year-to-Date column cannot carry a comment. A parent account with its own activity can have comments on its monthly amounts.
Comments in the popover are listed oldest to newest. Click the kebab menu (⋮) next to your own comment to edit or delete it. You cannot edit or delete a teammate's comment.
Export to Excel
Click the cloud download icon (tooltip: Download as Excel) at the top right of either report to download it as a .xlsx file. The Profit and Loss export includes every period shown on screen, the 3 comparison months plus the Year-to-Date column. The Balance Sheet export mirrors whatever is on screen.
Add the Reports to a Project or Template
You can include Quality Control reports in your recurring close workflow. Follow the project and template setup instructions in the Month End Close Overview.
ℹ️Heads up! When you open a report from a project task that has no accounting period yet, select a month before the report loads. These financial-statement task links do not display an item count.