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A
ablewc
June 13, 2020
Question

If I receive cash against an invoice and allocate to undeposited funds to pay into bank , will it show in my reports when received or when I physically deposit to bank?

  • June 13, 2020
  • 1 reply
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1 reply

J
JonpriL
June 13, 2020

Hello there, @ablewc!

 

Both processes will let your invoices be displayed on your reports as long as they're marked as paid. You can read through this article to learn more about the content or your reports: Targets vs. Sources Overview.

 

Lastly, here's a few articles you can read to help manage your reports and related tasks: Reports and Accounting for QuickBooks Online.

 

Keep me posted in the comments if you have any other questions. I'll be here to lend a hand.

A
ablewcAuthor
June 14, 2020

Hi jonpril, thank you for your reply. What I’m trying to establish is if for example I receive  £100 cash on 1st July 2020 and I record it in undeposited funds, if I then pay it into the bank a month later on 1st August 2020 when I run a profit and loss report will it show as profit for the month of July or August. 

many thanks again

 

JessT
JessT
June 14, 2020

Hi ablewc,

 

I'd like to jump in and add more details about the posting of income in the P&L.

 

The posting or declaration of income depends on your Reporting method. If you're using the Cash basis, your income reflects in the P&L when you pay the invoice. Therefore, if you'll create a Receive Payment, dated July 1, it will be reported on that day.

 

On the other hand, if you're using the Accrual basis, your income is reported based on the invoice date, whether the invoice is paid or not. In other words, the income is declared upon the creation of a sales transaction.

 

When you deposit your funds on August 1, your bank balance will increase and will be reported in the Balance Sheet report.

 

I hope this clears up everything. If you have additional questions about reports, just comment below.

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