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TUSSU
December 15, 2023
Question

Strange entries in P&L

  • December 15, 2023
  • 1 reply
  • 0 views

Hi,

in my P&L under expenses, I have unusual entries namely wages that have been paid to staff. The wages are paid by direct debit and recorded as an expense in QBO, could somebody suggest why this is happening and also offer a solution on how to remove them from the P&L

Best regards,

Noel

1 reply

S
SarahannC
December 15, 2023

Hello. Let me share some information about why it happened, Noel.

 

The Profit and Loss (P&L) report gives a summary of the income, expenses, and company costs for a specific period. Since the wages were paid via direct debit and recorded as an expense in your books, they'll be reflected in the Profit and Loss report.

 

In this scenario, the transaction was categorized as Wages (expense) account in the bank feed. You can pull up the report and click on the amount to review the entries. Here's how:

 

  1. Go to the Reports menu.
  2. Click Profit and Loss report.
  3. Look for the Wages. Then, click the amount.
  4. Find the transaction and review the account.

 

If you want to avoid displaying this in the report, you can utilize a different account instead of the expense account. Nevertheless, I strongly recommend seeking advice from an accountant to ensure that it will be accurately recorded in QuickBooks.

 

Feel free to reach out if you have any further questions about QuickBooks Online reports. I'm here to assist you.

T
TUSSUAuthor
December 15, 2023

Hi,

thank you for your quick reply, how do I fix this problem?

Thanks,

Noel

R
Rasa-LilaM
December 15, 2023

Welcome back to the Community, TUSSU.

 

I understand that managing finances and payroll data can be overwhelming, but it's essential to keep accurate records to ensure a smooth reconciliation process and year-end filings.

 

As previously mentioned by my colleague, the wages paid to you through direct debit will be reflected as an expense in the Profit and Loss report. To ensure accuracy in your financial statements, I recommend seeking advice from an accountant on the most suitable method for tracking your wages in QuickBooks Online (QBO). Additionally, you can inquire about the specific account to be utilized for recording these transactions.

 

I know that dealing with financial reports and preparing for the upcoming financial year can be a lot to handle. That's why I've provided some resources below to help you navigate through these responsibilities easily:

 

 

If you have any questions about payroll and the information displayed in the Profit and Loss report, don't hesitate to reach out to me. I am here to support you in the best way I can. I wish you and your business continued success, TUSSU.

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