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Community Contributor *

Paid invoices go to Accounts Receivable, and never in my income Why?

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.

 

7 REPLIES 7
Established Community Backer ***

Re: Paid invoices go to Accounts Receivable, and never in my income Why?

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

Community Contributor *

Re: Paid invoices go to Accounts Receivable, and never in my income Why?

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 

 

 

Established Community Backer ***

Re: Paid invoices go to Accounts Receivable, and never in my income Why?

edit each item in products & services and insure that the income account is selected for income

the item determines what account is posted to

Community Contributor *

Re: Paid invoices go to Accounts Receivable, and never in my income Why?

I'm using Desktop 2019,  i can't find the option for "products and services"

 

where is this located please?

QuickBooks Team

Re: Paid invoices go to Accounts Receivable, and never in my income Why?

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.

Community Contributor *

Re: Paid invoices go to Accounts Receivable, and never in my income Why?

Thank you.

 

as you can see from my screenshot i already have these set as income, yet they still don't display my balances. (see attached)

 

the same thing happens with my expenses for any bills i pay Smiley Sad

 

 

QuickBooks Team

Re: Paid invoices go to Accounts Receivable, and never in my income Why?

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:

  1. Create a backup of your company file.
  2. Run the Rebuild Data utility
    1. Go to the File menu.
    2. Choose Utilities.
    3. Select Rebuild Data.
    4. On the QuickBooks Information window, select OK.
    5. Select OK when you see Rebuild has completed.
  3. Run the Verify Data utility
    1. Close the File menu.
    2. Select Utilities.
    3. Choose Verify Data.
      • If you see QuickBooks detected no problem with your data, select OK. You may continue using your company file.
      • If Verify finds an issue with your data, you will be prompted to Rebuild Now or View Errors
    4. Select Close, then perform either of the following:
      1. Review Last Verify/Rebuild
      2. Review QBWin.log

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:

  1. Click the Help menu.
  2. Choose Contact us.
  3. To route you to the correct support expert, enter a brief description of your issue.
  4. Click Continue.
  5. We’ll provide you a few options. You choose which one is best for you.

For more detailed information, you may check out these articles for references:

Don’t hesitate to swing by the Community again if you have other questions about the workflows in QuickBooks for Accounts Receivable and Accounts Payable. I am here to help.