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maryjoa
February 6, 2019
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Report showing actual income, not invoices

  • February 6, 2019
  • 3 replies
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We invoice all our customers monthly. When I generate a profit & loss report, it shows all the invoices as income. How can I get a report showing actual income? Thanks

Best answer by

The invoices are income.  Actual income.

 

If you don't want to see your AP expenses or your AR income until each are paid,  switch the basis to cash basis in the P&L.

3 replies

A
Anonymous
Answer
February 6, 2019

The invoices are income.  Actual income.

 

If you don't want to see your AP expenses or your AR income until each are paid,  switch the basis to cash basis in the P&L.

    qbteachmt
    qbteachmt
    February 6, 2019

    And don't overlook your Sales reports. Example: Reports menu > Sales, Sales by Customer Summary, Columns by Item Type, set for Cash Basis.

    V
    Vitan
    February 20, 2019

    Is "Sale by Customer Summary" a more accurate way of looking up income for the year? Because the total income on the "Profit & Loss" report is different then "Sale by Customer Summary"

    T
    Teri11_2
    February 20, 2019

    Ultimately Sales/Revenue/Income = Amounts Billed/Paid by Customers, agree?

    The difference between reports is usually a matter of timing and how you run reports.

     

    For example,

    P&L run on a cash-basis will only include revenue where you have already received cash.

    Accrual-basis would include revenue that you have billed to customers who have not paid yet.

    Sales by Customer Summary should match one of those P&L's, so you can see the differences.

    T
    Teri11_2
    February 6, 2019

    Actual income is usually the same amount you bill to customers, just timing differences usually. 

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