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C
ccastle
January 7, 2022
Question

Profit Loss/Bank Deposit Issues

  • January 7, 2022
  • 1 reply
  • 0 views

I am currently running QuickBooks Online. When I pulled my end of the year report for sales and profit and loss, my sales and profits did not match. So, I started researching, figuring out what I did wrong. It seems that when I make a deposit at the bank I do a lump sum (like 5 checks equaling $2500) so it isn't matched to any specific person when I categorize. However, I do receive payment and mark those customers as paid. When I look in accounts receivable, it shows some of those customers (most likely the ones that were not matched in my bank deposit) as not paid. Also, I do not have anything in undeposited funds because I make sure I do that deposit once a month. I'm not sure what I am missing. I have found a few articles/community posts of those who may have had similar problems but they were not operating Online and the desktop version instructions were not helping me. Has anyone had this issue or know what is going on? Thanks! 

1 reply

R
RoseJillB
January 7, 2022

Thank you for bringing this to our attention, @ccastle. Let me share with you some ideas about the profit and loss report in QuickBooks Online (QBO).

 

If you want to reflect the transaction in QBO the same as what’s in your bank, you’ll need to review the five invoice payments and make sure they are deposited to undeposited funds.

 

You can refer to this article on how you can deposit payments to an undeposited account.

 

Then, you can create a bank deposit that associates the five invoice payments and deposit them to the bank. Let me show you how:

 

  1. Select + New.
  2. Select Bank Deposit.
  3. From the Account ▼ dropdown, choose the account you want to put the money into.
  4. Select the checkbox for each transaction you want to combine.
  5. Make sure the total of the selected transactions matches your deposit slip. Use your deposit slip as a reference.
  6. Select Save and close or Save and new.

 

Your bank deposits in QuickBooks Online should match your bank transactions. Also, you’ll be able to ensure that the invoices are paid.

 

For more details about recording and making bank deposits in QuickBooks Online, you can check out this link.

 

In addition, I added the following articles for your reference in categorizing and reconciling your account in QuickBooks Online (QBO).

 

 

Let me know if you need further assistance with your banking transactions. The Community always has your back. Have a great day!

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