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September 24, 2022
Question

Any body familiar with shop boss pro and how it integrates in quick books ?

  • September 24, 2022
  • 1 reply
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when i run a profit and loss report it shoes a large negative number in unapplied cash payment income ?

1 reply

Adrian_A
September 24, 2022

Hello there, 9130349150267126.

 

Numerous factors can cause an income account to appear as negative on the profit and loss report. Let's run some data to drill down the causes.

 

Before doing any of the steps, I'd recommend reaching out an accountant to better guide you in correcting your Profit and Loss report. 

 

First, expand the unapplied cash payment income account. Click the amounts under the TOTAL column. The negative value can be the cause of some incorrect records. In this case, you can edit or delete them. 

 

Second, check your product and services' account mapping. They might be tagged under an expense account, which can negatively affect your income and expenses. Here's how: 

 

  1. Open the Gear icon menu, then select Products and Services.
  2. Click the small gear icon right above the ACTION column.
  3. Check Income account. 

 

If you managed to find an expense account incorrectly mapped to a sales item, open and modify it. The system will give you an option to update historical transactions. Check the Also update this account in historical transactions box. 

 

Lastly, you'll also want to review your bank statement and business activities. Are all the sales accounted for in your books? If not, record them according to how the transaction happened

 

If you need more resources in navigating your QuickBooks Online, you can check out our articles for guides and details

 

I'll be around whenever you need help with recording the transactions.