PNL Year End Reports

Hi there, Morgan.

Let me share some information and steps to get an accurate income on running your profit and loss report.

Based on my understanding, you've added the transaction to the checking account without matching the invoices from the third party service for invoice. As a result, your QuickBooks invoices and the deposit from your Checking Account have overstated your income. Ideally, the system should have matched the transactions rather than adding them to the account's register.

To correct this issue, we have to Undo the specific transactions from your Categorized tab to return the deposit transaction to your For review tab. This way, we can match and avoid overstating income in your P & L smoothly.

Here's how to undo the categorized transaction from your Checking account:

1. Go to the Transactions section, and select the Bank transactions tab.
2. Click the Free QuickBooks Checking account tile.
3. Go to the Categorized tab.
4. From there, find the deposit in question and then click Undo.

After that, you'll need to match the invoices manually with the deposit payment:

1. Click the bank deposit in question from the Free QuickBooks Checking For review tab.
2. Tick Find match.
3. Check the invoice boxes.
4. Once done choosing the possible matches, click Save.

Moreover, you can check this article for reference about matching and unmatching transactions:

• Match online bank transactions in QuickBooks Online.
• Unmatch downloaded bank transactions or move them to another account.

Lastly, you'll want to pull a profit and loss report using bank deposits or invoices, we have separate reports such as: Invoices and receive payments, Deposit detail and customizing Transaction List by Customer to show specific invoices/payments.

Additionally, you can check this article for you to be guided on how to personalize invoices and other sales forms: Customize invoices, estimates, and sales receipts in QuickBooks Online.

Please stay in touch if you have any other question about managing your profit and loss report or any QuickBooks-related concerns. I'd be glad to keep helping. Stay safe.