Skip to main content
T
topdogsewer
July 13, 2021
Solved

P&L & Undeposited Funds

  • July 13, 2021
  • 2 replies
  • 0 views

Why are my undeposited funds not showing on my Profit & Loss statement as income? I receive the payment and deposit it into the correct bank account, but instead of the money that was actually taken in showing on the P&L it shows what has been invoiced- whether it has been paid or not. What am I missing here?

    Best answer by BigRedConsulting

    Payments received from customers don't use income accounts, so they'll never show up on your P&L.

     

    A Payment uses your A/R account and either the Undeposited Funds account or can use a bank account directly, if you have that option enabled.

     

    None of these accounts are income accounts.

     

    Payments should be received against invoices, which do use income accounts - which is where your income is gathered for your P&L.

    2 replies

    Tori B
    Tori B
    July 13, 2021

    Hey there, @topdogsewer.

     

    Thanks for reaching out to the Community for support and sharing your concerns.

     

    It sounds like you may have some data integrity issues causing some of your undeposited funds to not show in your Profit and Loss statement as income. Let's run a quick Verify to ensure that's not the case. 

     

    1. Choose Window then Close All.
    2. Verify Data. Choose File then Utilities. Select Verify Data.

    Should the verify discover some data integrity issues, you'll need to run the Rebuild utility to clear the errors. 

     

    Here's how: 

     

    • Choose File, Utilities then Rebuild Data.
    • You will receive a warning message to backup your company file, press OK. 
      1. Select where you want to save your backup, then select OK at the bottom of the QuickBooks Desktop Backup window.
        • If a message asks if you want to replace another backup file, select NO. Enter a new name in the File name field and click Save.
      2. The Rebuild Data utility starts as soon as the backup is finished.
      3. Click OK when you get the message "Rebuild has completed".

    Please, let me know how it goes. I want to ensure we get you back to business. I'll be sure to keep an eye out for your reply. 

     

    Take care and have a great day ahead! 

    T
    topdogsewerAuthor
    July 13, 2021

    @Tori B Thank you so much for the advise! Unfortunately, I have verified data, rebuilt the data and restarted several times and the monies received from Undeposited Funds are still not showing on the P&L.

      Rose-A
      Rose-A
      July 13, 2021

      Allow me to step in and help you further with showing the monies on your Profit & Loss report, topdogsewer.

       

      To get this sorted out, you need to ensure you select the correct date ranges and reporting basis.
       

       

      If you're still not seeing the funds, let's filter the report to show the information you need. Here's how:

       

      1. On the Profit & Loss screen, click Customize Report.
      2. Go to the Filters tab, click Account and choose Multiple accounts.
      3. Select the correct income account and hit OK.

         

      I recommend customizing the report to get the specific details you need. You can also memorize it to save its current customization settings. It serves as your record and helps you quickly access it for future use.

       

      Feel free to get back to me if you have any other QuickBooks-related or other reports concerns. I'll keep an eye on your response. Have a great rest of your day!

      BigRedConsulting
      BigRedConsultingAnswer
      July 14, 2021

      Payments received from customers don't use income accounts, so they'll never show up on your P&L.

       

      A Payment uses your A/R account and either the Undeposited Funds account or can use a bank account directly, if you have that option enabled.

       

      None of these accounts are income accounts.

       

      Payments should be received against invoices, which do use income accounts - which is where your income is gathered for your P&L.

        Terms & ConditionsAccessibility statement