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S
Sarah Nurse
January 2, 2025

Paid invoices

  • January 2, 2025
  • 1 reply
  • 0 views

Hello, 

 

I have marked my invoices as paid however, the monthly income is not updating. It looks like I am down in December however, it was my best month.

 

    1 reply

    C
    CarlSJ
    January 2, 2025

    Accurate financial reporting plays a crucial role in business management, and I'd be glad to discuss how monthly income appears on your reports in QuickBooks Self-Employed (QBSE), Sarah.

     

    Please be aware that invoices recorded within QBSE and marked as paid do not automatically appear as income on your financial reports. This means that simply recording an invoice and marking it as paid doesn't trigger an update to your monthly income. However, if you categorize the payment transactions linked to the invoices that you download from your bank as income, then that's the time it will be reflected as income on your reports.

     

    Once the payment transactions are downloaded within the program, let's ensure that the transaction will be categorized as income:

     

    1. Sign in to your QBSE account.
    2. Go to the Transactions tab.
    3. Filter out the Type, Account, and Dates if necessary.
    4. Put a checkmark on the invoice payment transaction and select Edit Category.



    5. Select the Income category on the list, then click Apply.

     

    After categorizing bank transactions correctly, you can now run your P&L report to see your total income:

     

    1. Go to the Report tab.
    2. Adjust the date of your Profit and Loss report to monthly.
    3. Click View.


     

    I'll provide you with this informative article, which offers detailed, step-by-step guidance on how to effectively import your historical bank transactions into the program for accurate financial tracking: Manually import transactions into QBSE.

     

    You now have a deeper understanding of your business's financial data, which helps you effectively manage your financial reporting. Do you have clarifications in mind? I'll be around to provide prompt assistance.

    S
    Sarah NurseAuthor
    January 8, 2025

    Thank you, 

    Just a little confused as the previous invoices for November came up as business income. 

    C
    CharleneMaeF
    January 8, 2025

    Hi, Sarah. I want to ensure your invoices are categorised correctly in QuickBooks Self-Employed.

     

    Beforehand, can you please let me know what the proper income transaction type is? Are they for personal, professional, or both purposes? It will assist me in making sure they are tracked accurately.

     

    If the transactions are supposed to be personal, we can recategorise them in the program. I'll show you how:

     

    1. Go to the Transactions menu.
    2. Find a transaction on the list.
    3. Under Type, click Business, then select Personal after.
    4. If this is for both business and personal, choose Split.

     

    For more details about categorising the transactions you download from your bank or enter into QuickBooks, please see this article: Categorise transactions in QuickBooks Self-Employed.

     

    Additionally, the program can help automatically categorise your transactions using the Bank rules feature. It is beneficial for recurring bank data with the same customers or suppliers.

     

    I'm just one reply away if you need a hand with categorising your transactions. I'll be here to ensure your success. Have a great day ahead.

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