I processed the Revenue and cost journals last week and revised them today, but the reversal amounts were not updated in the P&L report now.

Hello there, Anne. I understand how important it is to ensure your journal entries are reflected accurately, especially when it comes to your P&L report. Let’s check the accounts involved in the transaction and the report’s date range to ensure reversal amounts are accurately updated.

Accounts that appear in the Profit and Loss are classified as Income, Other Income, Cost of Sales, Expenses, and Other Expenses. An incorrect account selection in journal entries can be the reason reversal amounts aren't updating.

Here's how to review the entry:

1. Choose Transactions, then Chart of Accounts.
2. Locate the account you created the journal entry for and hit Account history or Run report.
3. Locate the transaction in the list and select it to open.
4. Click on the Account dropdown to determine if the account is an income or expense, or verify its details in the Chart of Accounts page..
   
   
5. Make the necessary changes, then pick Save and close.
    

Once everything looks good, it's worth noting that setting the appropriate Report Period when generating the Profit and Loss is essential. Its date range should cover the dates of the journal entries. Here's a screenshot for your visual reference:

Please revisit this thread and tag us with your replies if you have other questions about journal entries and reports in QuickBooks Online. Rest assured, we’re always here to provide further assistance with any inquiries you may have.