Why is the profit and loss under chart of accounts only showing my deposits?

Thank you for posting in the Community, rradford007.

Let me share some information about payment transactions in QuickBooks Online (QBO).

I replicated this one to verify the transactions in the Profit and Loss (P & L) report. You are correct that the report only displays the deposits. This is working as designed. Thus, if you're recording these as actual payment transactions, they will never appear on your P & L. Income accounts are never used in payment transactions. Instead, they pay invoices that use income accounts.

You'll want to create a sales receipt to record the customer's payments. In this manner, the transaction's amounts will appear in your profit and loss. Additionally, be careful to use the right bank for the intended deposit. This is how:

1. Click the + New icon.
2. Select the Sales Receipt.
3. Select the Customer.
4. Fill in the fields for the transaction information.
5. Then, Save and close.

I’d still recommend consulting your financial advisor. This way, you can ensure that this will be accounted for properly.

To learn more about running and customizing reports in QBO, you may check this article: Customize reports in QuickBooks Online

Feel free to comment if you need more assistance with payment transactions. I’m just a post away. Have a good one!