my accounts balances only show A/R and A/P
nothing goes into my income or expense accounts.
can anyone help please?
i'm a 1st time user of Quickbooks and overall finding the whole program confusing and unsatisfactory.
The items you sell determine what account is posted to, basically service and inventory items should all have your sales income account selected as the income account on the item screen
when you create an invoice, this is the how it works
sales price is posted to income
sales tax if any is posted to sales tax payable
if you sold an inventory item, the cost of that item is removed from inventory and posted to COGS
the amount due is posted to A/R
When you receive payment on the invoice, the payment posts to A/R clearing the balance, and to undeposited funds. Then you use make deposits to put the money in the bank account
A/P is similar for bills
enter a bill and the
expense account selected is posted to
or the inventory item purchased is stocked with cost
and A/P is posted to
when you pay the bill, the bank account, or CC, is posted to and it clears the A/P account for that bill
OK, so we are a charity that runs special care, however we invoice our council and NHS parties for specialized care.
i setup our income and expense accounts on chart of accounts, yet it's those balances that don't change.
i get what you mean about where an invoice goes too and how to deposit to our chosen bank account ... that bit is fine and it matches our bank statements too. But my issue is that even though i can see what A/R accounts have received money, or spent money, i still need to be able to provide a full breakdown of I&E to my director
edit each item in products & services and insure that the income account is selected for income
the item determines what account is posted to
I'm using Desktop 2019, i can't find the option for "products and services"
where is this located please?
I have checked this on mine, i can access this information by going too:
Click on Lists - Item List
From here, you can create, change or delete products, services and items. You'll be able to modify the income account by clicking on the required item to change it.
I appreciate the screenshot you’ve provided, @Cfields21.
A corrupted transaction or data damage may mess up your accounts balance. Let me share some steps to keep QuickBooks working as it was before.
To isolate this concern for possible data damage, let’s perform the following troubleshooting steps:
If the issue persists, I’d suggest contacting our QuickBooks Desktop Support. An agent can further check into your account through a secured remote access session.
Here’s how to contact us:
For more detailed information, you may check out these articles for references: