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goneskiing
September 11, 2024
Question

Revenue Report

  • September 11, 2024
  • 2 replies
  • 0 views

I just found out the hard way that QuickBooks, even though I designated the cash basis of accounting, still lumps together unpaid invoices with paid ones in the revenue account. And QuickBooks fails to provide an advisory on this on revenue reports.

A user, such as myself, who designates the cash basis of accounting in QuickBooks, will presume that the revenue report will show revenue received, not both unpaid or paid.

With no clarification notification, and the user not being aware, QuickBooks creates the mistaken view for users that the revenue report reflects what revenue is received, given the designated cash basis of accounting. I think QuickBooks digs the proverbial hole for users to fall into by the mistaken view.

 

What are your thoughts?

2 replies

K
Kevin_C
September 11, 2024

Hello there, goneskiing. I'm delighted to provide some insights about how revenues are recognized in QuickBooks Online (QBO).

 

Beforehand, may I know the name of the specific report you're trying to view your revenue?

 

If you're referring to the Revenue Recognition Report, it's just normal that the unpaid and paid invoices will automatically show up in the report since the report itself doesn't have an accounting method. Revenue recognition lets you record a payment for a product or service you’ll deliver in the future and recognize the revenue over time. You can check out this article for more details: Set up a revenue recognition schedule in QuickBooks Online Advanced.

 

If you're referring to the revenue from your Profit and Loss report, please make sure to select the correct Report period, Accounting method, and other filter customizations within the report to show the correct revenue amounts. If the unpaid invoices' amounts are still reflected in the report even if it's on a Cash basis, I suggest accessing your account through a private/incognito window.

 

The private window will not save any history, making it a good place to identify browser problems. You can access this by pressing the following keys:

 

  • Google Chrome: press Ctrl + Shift + N 
  • Mozilla Firefox: press Ctrl + Shift + P
  • Safari: press Command + Shift + N

 

Once you're in incognito mode, view the reports again and see if they show accurately. If everything shows correctly, using a private window, go back to your regular browser and clear its cache. Clearing the cache or cookies is the best way to get a clean slate for your browser. Otherwise, using other supported browsers can be a good alternative too.

 

I'm always around to share appropriate information if you have further inquiries about reviewing your revenues in QBO. Please notify me by clicking the Reply button below or post a new thread again.

Rainflurry
Rainflurry
September 11, 2024

@goneskiing 

 

What specific report(s) are you referring to?  Can you post screenshots?    

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