CORRECTED Q3 FINANCIAL DOCUMENTS:
What you need to know:
1. Profit/Loss for 01-01-24 through 09-30-24 was incorrectly reported as a loss of $14,009.24. The correct total is a loss of $9,832.28.
2. Corrected docs can be found here:
Corrected Budget Tracker and
Corrected Year to Date P&L(the budget tracker has all corrections highlighted)
3. The P&L for Q3 ONLY (NOT the year to date P&L) that was uploaded to Egnyte was correct and can be seen here:
2024 Q3 P&L
4. Current Q4 financials will follow later tonight.
5. QuickBooks sucks.
Note: At the end of Q2, we showed a year-to-date profit of $10,676.45. Q3 booked a single quarter loss of $20,508.73 which left us with a Q3 year-to-date loss of $9,832.28.
Explanation of what happened: To appropriately account for Convention Income/Expense within QuickBooks, we must use a "class" designation. All Convention related transactions are "classed" as "2024 Convention". When we print P&Ls within QB, we deselect the convention "class" so as to show all transactions without the convention class designation. The problem is that QB does not have an option to show all other classes INCLUDING transactions that have no class at all. This means that if a transaction has no class, it would not show up on any P&L. We are aware of this and work to ensure all transactions have a class. However, QB's reclassification tool has bugs. When you ask it to see all transactions that have no class (so you can assign one), it does not always show you ALL of them. This can trick you into thinking you have reclassed all "classless" transactions when you have not. As such, the Q3 year to date P&L did not include some donation transactions in the report even though they existed within QB. They just did not have a class associated with them. To make matters worse, to even have access to the reclassification tool, we have to have the version of QB that costs double what we currently pay. So, I upgrade our version long enough to reclass all transactions that need it, then downgrade our version after I am finished in an effort to keep our costs down.
