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Cfields21
May 23, 2019
Solved

Paid invoices go to Accounts Receivable, and never in my income Why?

  • May 23, 2019
  • 2 replies
  • 0 views

my accounts balances only show A/R and A/P

 

nothing goes into my income or expense accounts.

 

can anyone help please?

i'm a 1st time user of Quickbooks and overall finding the whole program confusing and unsatisfactory.

 

    Best answer by JamesC

    I'm using Desktop 2019,  i can't find the option for "products and services"

     

    where is this located please?


    I have checked this on mine, i can access this information by going too:

     

    Click on Lists - Item List

     

    From here, you can create, change or delete products, services and items. You'll be able to modify the income account by clicking on the required item to change it.

    2 replies

    Rustler
    Rustler
    May 23, 2019

    The items you sell determine what account is posted to, basically service and inventory items should all have your sales income account selected as the income account on the item screen

    when you create an invoice, this is the how it works

    sales price is posted to income
    sales tax if any is posted to sales tax payable
    if you sold an inventory item, the cost of that item is removed from inventory and posted to COGS
    the amount due is posted to A/R

     

    When you receive payment on the invoice, the payment posts to A/R clearing the balance, and to undeposited funds. Then you use make deposits to put the money in the bank account

     

    A/P is similar for bills
    enter a bill and the
    expense account selected is posted to
    or the inventory item purchased is stocked with cost
    and A/P is posted to

    when you pay the bill, the bank account, or CC, is posted to and it clears the A/P account for that bill

      C
      Cfields21Author
      May 23, 2019

      OK, so we are a charity that runs special care, however we invoice our council and NHS parties for specialized care.

       

      i setup our income and expense accounts on chart of accounts, yet it's those balances that don't change.

      i get what you mean about where an invoice goes too and how to deposit to our chosen bank account ... that bit is fine and it matches our bank statements too. But my issue is that even though i can see what A/R accounts have received money, or spent money, i still need to be able to provide a full breakdown of I&E to my director 

       

       

      Rustler
      Rustler
      May 23, 2019

      edit each item in products & services and insure that the income account is selected for income

      the item determines what account is posted to

      F
      FelipeBayma
      May 24, 2023

      The same happens to me, when I receive payment for an Invoice it stays on my account receivable but it does not go to my Income, consequently I cant see my income on my P & L at the end of the day.

      R
      ReymondO
      May 24, 2023

      Thanks for joining the thread and sharing your concern with us, @Felipe11.

       

      Once you record an invoice payment, the transaction will be recorded to the bank account that you've selected in the Deposit To drop-down list. This account won't show in the Profit and loss report since this will only show your company's revenues and expenses during a particular period. However, the payment will show in your Balance Sheet report. 

      When recording an invoice, let's make sure that you're using an income account for your products and services. That way, they would show in the P&L report. 

      If what you are seeing is different from what I have described, could you provide me with more information about your setup when posting your income? That way, I can share the right steps in resolving the issue.

       

      There are different ways you can track customer transactions in QuickBooks Desktop. Our workflows can assist you in managing your cash flow, and accurately tracking sales, receivables, and profitability.

       

      Please don't hesitate to visit us again if you need help in tracking and managing your transactions. I'm always here to help you out. Have a great day.

      F
      FelipeBayma
      May 25, 2023

      Thank you very much, however I have Quickbooks online, not the desktop.

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