Why is this happening?

In QuickBooks 2010, there are many improvements / changes to the way reporting is handled. Some changes were made to fix 'issues' so QuickBooks handles reporting in a more accurate way while other changes occurred because of some fundamental changes to the core of QuickBooks. These changes help to make QuickBooks reports much more robust.

You don't have to worry about these discrepancies. The amounts reported in QuickBooks 2010 are accurate; they are just being reported in a slightly different way than you are used to.

Here are some examples of where you might see some discrepancies in your QuickBooks 2010  reports as compared to previous versions

• Exchange Gain/Loss account was changed from an 'Expense' account to an 'Other Expense' account. As a result, the Exchange Gain/Loss will appear in a different spot, say for example in the Profit & Loss report. The amounts are the same, they just appear differently.
• In previous versions of QuickBooks, the VAT Refund was defined as an Other Charge item, but in 2010 it is now defined as a VAT item. This change means that reports that include items will appear differently because they will not factor in the VAT Refund items anymore. Reports that are affected include: Item Profitability, Sales by Customer Summary, Sales by Item Summary, to name a few.
• Unrealised Gains & Losses report may be affected if you manipulated your currencies while importing using the IIF utility. QuickBooks doesn't allow for this anymore as it caused issues with foreign transactions.
• Foreign account balances in the following windows are now displayed correctly in QuickBooks 2010 (if comparing from previous versions, you may notice a difference in the balances, but QuickBooks 2010 is showing a more accurate amount now): Locate Discrepancies window (in the Beginning Balance field), Undo Previous Reconciliation window (Previous Beginning Balance field).