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CcSML
May 21, 2021
Solved

Customer payments not showing up as income

  • May 21, 2021
  • 3 replies
  • 0 views

Challenge:

Customer payments are not showing up on the Profit and Loss report as INCOME.

 

When payment hits QB via bank feed, I allocate the lump sum to each customer as needed.

We do not generate invoices in QB as we do that in our billing software.

 

How can I get these customer payments/deposits to show up on P&L? 

We need to be able to see expenses and income on our profit and loss report.

Best answer by BigRedConsulting

If you're recording these as actual Payment transactions, then they will never appear on your P&L because Payment transactions never use income accounts. Instead they pay invoices that use income accounts.

 

Assuming you're recording the payments as deposits, use an income account on the deposit and then it'll show up on your Profit & Loss report.

 

 

3 replies

C
Charies_M
May 21, 2021

I'm glad you made it here, CcSML.

 

You'll want to create a Sales Receipt to record the customer payments in QuickBooks Desktop. This way, amounts from the transaction will show up in your Profit & Loss. Also, make sure to use the correct bank to which it will be deposit.

 

To do that:

  1. Go to the Customers menu.
  2. Choose Create a Sales Receipt, 
  3. Fill in the information you want to prefill on your next sales receipt.
  4. Click Save and close.

Then, you can run the Transaction List by Customer report to review the payments you've made. You can make necessary changes if needed. Here's how:

 

  1. Click on Reports at the top menu bar.
  2. Choose Customers & Receivables.
  3. Press on Transaction List by Customer.
  4. Customize the dates of the report.
  5. Tap on Customize report to customize the transaction type to Payment.
  6. Go to the Filter column.
  7. Look for Transaction Type.
  8. Select Payment.
  9. Click OK. 

To learn more about running and customizing reports in QBDT, you may check these articles:  

I'm always here whenever you have questions about managing profit and loss reports. Have a nice day!

C
Charies_M
May 22, 2021

Hi, CcSML.


Hope you’re doing great. I wanted to see how everything is going about customer payments not showing an income that you had the other day. Was it resolved? Do you need any additional help or clarification? If you do, just let me know. I’d be happy to help you at any time.


Looking forward to your reply. Have a pleasant day ahead!

    BigRedConsulting
    BigRedConsultingAnswer
    May 23, 2021

    If you're recording these as actual Payment transactions, then they will never appear on your P&L because Payment transactions never use income accounts. Instead they pay invoices that use income accounts.

     

    Assuming you're recording the payments as deposits, use an income account on the deposit and then it'll show up on your Profit & Loss report.

     

     

      R
      repplumbing
      November 30, 2021

      I am having the same problem as the original poster. I have done the following: 

      1) Create invoice

      2) Receive customer payment : Deposit to Undeposited Funds

      3) Record Deposit to Business Checking. 

       

      the problem is, it does not show up in my report "Profit & Loss" as income.

       

      What am I doing wrong?

        M
        Mark_R
        November 30, 2021

        Your confusion ends here, @repplumbing.

         

        Allow me to fill you in on everything you need to know about how income and expense transactions show in the Profit and Loss report.

         

        One of the possible reasons why your customer payments aren't showing in the Profit and Loss report is how the accounting basis is set. Please know that the difference between cash basis and accrual basis reporting is how the date is determined for reporting the income or expense. To verify, let's change the report basis on the report. Here's how:

         

        1. Go to the Reports menu.
        2. Select Company & Financial, then choose Profit & Loss Detail.
        3. On the report, change the Report Basis and click Refresh.
        4. Once done, verify if the customer payments show as income.

         

        In addition, when you receive payment from a customer, that only affects Accounts Receivable and your bank account. Also, if you don’t use the invoice or receive payments entry method, but instead record deposits, those should show as long as the deposit is affecting an income account.

         

        I'm adding this article to understand more about the reports: Understand reports.

         

        Should you need any assistance getting your income shown on the report, I'm available here to help any time!

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