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GraceFellowship
July 28, 2021
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Using Savings/checking for an income line on P&L

  • July 28, 2021
  • 1 reply
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Hello all,

  Here is my situation:  Our board wanted to use some of our savings account balance to be used as a "other income" on our P&L to offset some of our expenses for the year.  I have no idea how do this in quickbooks.  I was thinking some sort of General Ledger entry but not sure how that would play out.  It probably isn't a normal accounting practice but if there are ideas out there I would greatly appreciate it.  

Best answer by BigRedConsulting

There isn't a way to do this directly, as it would be completely inappropriate.  Balance sheet account balances never appear on a P&L.

1 reply

BigRedConsulting
BigRedConsultingAnswer
July 28, 2021

There isn't a way to do this directly, as it would be completely inappropriate.  Balance sheet account balances never appear on a P&L.

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GraceFellowshipAuthor
July 28, 2021

Thanks for the quick reply.  So I should just notate on the report that even though we appear under budget from a cash flow perspective the money we set aside from our savings is what balanced the budget out?  

  I can export the report to excel from quickbooks and then just add in the money into that line item to show the budget as a closer balance.  I am not sure exactly how to create the report to reflect what they are looking for. 

It really isn't a P&L at this point since the budget was first initially developed to use savings to cover some expenses this year.  

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