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Ke01789
December 4, 2023
Question

Time & expense invoice

  • December 4, 2023
  • 1 reply
  • 0 views

Starting this year (2023) only LABOR (or time) is showing as sales/income on my profit and loss statement.  The subcontractor and material costs are not showing in the sales or the expense portions of the P/L.  I understand that they are reimb expenses....but it should still show for accounting purposes.  I create bills for all the suppliers and subs, I enter all expenses thru the credit card function.  Everything comes thru fine on the customer invoice using the time and expense feature....

but NOT FOR  YEAR END ACCOUNTING!  The income statement, P/L do not reflect correct numbers...not even close!  HELP

1 reply

C
ChristieAnn 11
December 4, 2023

Hello there, Ke01789. 

 

I'll be providing details on how data works in the reports so we can ensure that the correct numbers or information are displayed on the Profit and Loss report in QuickBooks Desktop.

 

When running a report to show the right data in QuickBooks, there are necessary setting that needs to be set up. With this, I recommend making sure that the item is added by the time you create the invoice.

 

Here's how:

 

  1. Go to the Invoice page.
  2. Select the specific customer name and make sure to choose the person you selected in the Customer field when creating the bill.
  3. Choose Select the outstanding billable time and costs to add to this invoice? radio button.
  4. Go to the Expenses tab and checkmark the particular transaction.
  5. Click OK.

 

Then, review the date of the created bill or invoice to determine which date period to use when running the report. Furthermore, you also have to make sure you choose the correct accounting method. This is done to guarantee that accurate data shows up in the sales or expense portions of the statement.

 

If the issue persists, I suggest running the Verify and Rebuild Data Utilities to get this sorted out. The Verify Data utility identifies any potential data damage issues that might've caused reports that don't work accurately. While the Rebuild Data utility repairs damaged data in your company file. Before this, you'll have to secure a backup copy of your company file.

 

To Verify data:

 

  1. Go to the File menu.
  2. Scroll down to Utilities.
  3. Select Verify Data.
  4. Click OK.

 

To Rebuild Data:

 

  1. Go back to the File menu.
  2. Choose Utilities.
  3. Select Rebuild Data.
  4. Click on OK when you get the message Rebuild has completed.

 

For further details, you can refer to this article: Verify and Rebuild Data in QuickBooks Desktop.

 

In case you need steps on how to memorize reports in QuickBooks so the same settings of the customized data are available for future use, you can read this artilcle: Create, access and modify memorized reports.

 

It'll always be my pleasure to help if you've got other questions aside from generating reports in QuickBooks. Use the Reply button and leave your comment below so I can assist you further, Ke01789. Take care always and stay safe.

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