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davidmatyas
October 25, 2022
Question

Rebuilding simplified version of my account, how can I enter a one line income matching the deposits for the year?

  • October 25, 2022
  • 1 reply
  • 0 views

I am in the process of making a clean qb file from 2021 just for cash accounting bases. I do not care about invoices, bills, etc... I am just looking at money in and out of my account. I even set that my credit card is an expense rather then a credit card so I do not need to keep track of the individual purchases....

 

I uses SaaSAnt to import all the deposits and expenses from the account, and it worked great besides for one big issue. 

It entered them into my checking account and the from the account was the undeposited funds account (which not has a negative amount matching what was deposited). BUT on my profit loss statements, it does not show any income, as it was just deposited instead of being entered as an income account first. Is there a way for me to manually enter a line item as an income to match the negetive number of the undeposited funds (which are all income)? I tried doing it as a general ledger but it needs a debit side to offset it.

 

Thank you 

1 reply

G
Giovann_G
October 25, 2022

Hello, David.

 

Yes, that's doable. QuickBooks uses the Sources and Targets concept when generating financial and business reports. This shows that each report's data was derived from the details of the transaction that served as its source.

 

Since the Profit and Loss report reveals the net profit and loss based on your revenues and expenditure. In this report, the deposit transaction won't be visible. This is the reason why it doesn't show any income account.

 

If you don't have one, let's create an income account and a service item. After that, create a Sales receipts to offset the negative amount of the Undeposited Funds account. This will also be your income transaction for the P & L report. I'll show the step-by-step process.

 

Step 1: Create an Income account.

 

  1. Go to the Lists menu, then Chart of Accounts.
  2. Select New in the Account dropdown.
  3. In the Add New Account window, choose Income, then Continue.
  4. Enter your desired income account name in the Account Name field.
  5. Once done, hit Save & Close.

 

Step 2: Create a Service item.

 

  1. Go to the Lists menu.
  2. Select Item List.
  3. Click the Item dropdown, then choose New.
  4. Select the Service from the Type dropdown.
  5. Enter your desired name 
  6. In the Account dropdown, choose the Income account you create above.
  7. Fill in all the necessary information.
  8. Once done, hit OK.

 

Step 3: Create a Sales receipts.

 

  1. Go to the Customers menu.
  2. Select Enter Sales Receipts.
  3. You can leave the Customer Job field blank.
  4. Enter the date in the Date section.
  5. In the Item column, choose the service item you've created.
  6. Enter a positive amount to offset the negative figure in the Undeposited Funds.
  7. Once done, hit Save & Close.

 

After that, you can record a bank deposit to transfer the fund from Undeposited Funds into your bank account.

 

Let me know if you have further questions or concerns. We're available to help you at any time.

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