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T
terifromfinance
August 14, 2024
Question

Revenue not being allocated correctly to project

  • August 14, 2024
  • 1 reply
  • 0 views

We have two paid invoices and two outstanding (but earned) invoices coded to a project. The paid invoices show up under the Transactions view for the project; however, none of the 4 show up as revenue for the project on the Project Profitability Report or a P&L filtered on just that project. The coding appears correct on the invoices themselves and on the transaction level detail when I drill down from the balance sheet. We sometimes see this when a transaction is booked after a project is moved to Completed, but this project is In Progress, so that should not be an issue. QuickBooks support did not understand the issue ("How do you want it to show up?"), so I'm turning to the community! Please help!

1 reply

J
JorgetteG
August 15, 2024

Thank you for bringing up your concern in the Community, terifromfinance. I recognize how important it is to resolve this issue promptly so that you can continue with your work without any disruptions.

 

After carefully replicating the issue on my end, I proceeded by creating 2 paid invoices and 2 unpaid invoices, all of which were assigned to an in-progress project. Subsequently, I ran the Profit & Loss and Project Profitability report, and all relevant invoices appeared as expected within the generated reports.


 

I recommend revisiting the product and services list to ensure the correct income account is assigned. If that doesn't solve the issue, there may be browser-related issues. I suggest using a private or incognito window to rule out errors or glitches.

 

Here are the keyboard shortcuts for different browsers:

 

  • Google Chrome: Ctrl + Shift + N
  • Safari 11 or newer: ⌘ + Shift + N
  • Mozilla Firefox: Shift + Ctrl + P
  • Microsoft Edge: Ctrl + Shift + N

 

After that, switch back to your regular browser and clear its cache to refresh the website's preferences. It's also a good idea to use the system's supported browser for the best and most secure experience.

 

I'd also like to share an article that may assist you in evaluating the margins and profitability of a business: Create and manage projects in QuickBooks Online.

 

Additionally, if you'd like to learn more about running various reports in QBO and getting an overview of your business, I recommend checking out this article:  Run reports in QuickBooks Online.

 

I'll be on this thread anytime you need additional assistance managing products and services in your account, handling invoices, or anything else. Feel free to add the details below.

T
terifromfinanceAuthor
August 15, 2024

Figured this out:

- Historically, when invoices are generated they hit AR and Revenue.

- As we are a professional services business, revenue is not necessarily earned at the time of payment.

- On Aug 1st, I changed settings so that when invoices are generated, they hit AR and Deferred Revenue

- I assumed this would only apply to invoices generated after this date

- Payments received since 8/1 are reducing AR and increasing Deferred Rev

 

So yes, it is because the account is not correct (although I am unclear how I would have ID'd that by going to a products and services list; I drilled down to see the split account in the balance sheet detail). 

MorganB
MorganB
August 15, 2024

Thank you for sharing your findings, terifromfinance. I'm glad the issue is resolved and these details are sure to help anyone who may be facing a similar situation. You're welcome here in the Community any time.

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