Solved

Paymets not showing up as income on P&L

Forum|Forum|4 years ago
March 26, 2022
3 replies
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I bill out in invoices and when I received payment it is linked to the invoice and shows up in my banking register as account receivable. I cannot get it to show in my P&L as income.

QuickBooks Desktop

Best answer by BigRedConsulting

That's correct. There is no income associated with the payment transactions. Instead it is associated with your sales, your invoices in this case.

Angelyn_T

Hi there, @Chegge.

The Profit and Loss report (P&L) displays all the income and expense entries recorded in QuickBooks Desktop (QBDT). If the invoice is still unpaid, it sits under the Accounts Receivable and you can run the Balance Sheet Report to track the transaction. Once payment is recorded, it will post to your Income Account and will reflect on your P&L. If not, you can customize the report to get the information you need. I'm here to guide you on how.

First, make sure to filter the dates correctly. This can be a major factor in why income isn't added to the report.

Open the report.
Go to the Dates section.
You can select All or filter the From and To dates.

Second, switch the report basis from Accrual to Cash or vice versa to narrow down the result. You can check out this article as your guide: Differentiate Cash and Accrual basis.

For more information while handling your QBDT reports, you can also review the resources from this link: Understand reports. The same link gives you insights on how to set your report preferences, customize your reports, create, access and modify memorized reports, and others.

If you have any other questions about your income entries or P&L report, let me know by adding a comment below. I'm always here to help. Have a good one!

BigRedConsultingAnswer

That's correct. There is no income associated with the payment transactions. Instead it is associated with your sales, your invoices in this case.

K

KU4

Hi there,

I am facing the same issue. I tried the different reporting measures but it's still not showing in my P&L. Can you please guide?

S

SashaMC

Hey KU4,

Thank you for reaching out to the Community! Just to verify, could you double-check to see if your invoice was added to the correct account by using the other report my colleague mentioned? If it is indeed correct please let me know and we can investigate the matter further. I will be looking out to your response. See you soon.

J

JoeB6

I have issue where just one invoice (out of 50) is showing a 214.85 payment applied in the P&L cash report. When I look at the invoice it show no payment applied. When I apply a full payment the strange invoice the P&L shows $3.81 more than I applied. This is a database issue?

M

MadelynC

I can help sort this out so we can determine why the Profit and Loss report shows $3.81 more than you applied, @JoeB6.

In most cases, credits are the common reason why there are much amounts to customer transactions. You can open the invoice to check the connected transactions and make sure the amount applied is correct. This way, we can ensure everything is balanced and accurate on your financial reports.

Here’s how:

In your Profit and Loss report, find and select the Invoice.
Click See History or go to the right panel to view the linked transactions.
Make sure the amounts applied is accurate.

On the other hand, if the customer doesn’t have credits applied, we can use the Verify and Rebuild Data tools in QuickBooks Desktop. This feature automatically detects issues in your company file and rectifies them with one click. I’m glad to show you the steps:

Go to File, then select Utilities.
Select Rebuild Data.
QuickBooks will ask you to make a backup before it rebuilds your data. Select OK, then choose where you want to save it.
Repair or rebuild your data.
Go back to your File menu and Utilities.
Select Verify Data to check for any data issues or damages.

You can visit this article to learn more about the tools and their processes: Fix data damage on your QuickBooks Desktop company file.

I've also included a reference to help organize your customer transactions: Learn the different ways you can track customer transactions in QuickBooks Desktop.

You can always reach back out if you need more help or assistance with your customer transactions and financial reports. I’ll be here anytime to ensure all are covered. Take care and have a good day!

A

Alundo123

I just changed it from deposit to income from products sold and it counted it towards my report, I was having the same problem you were not sure if its correct accounting tho or whatever....but it changed it to income

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