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July 16, 2020
Question

Have A/P impact P&L Statement

  • July 16, 2020
  • 1 reply
  • 5 views

We have an accounts payable item that we created via JE. Now that we are making a payment for the A/P it’s only impacting the balance sheet and not the Income statement. Any suggestions?

1 reply

Moderator
July 16, 2020

Hi there, @steve-fitzgerald

 

I can share some insights about why Account Payable not impacting your Profit and Loss.  

 

The Accounts Payable and your bank account, are classified as Balance Sheet accounts. The Profit and Loss report is driven by income and expense accounts, which the balance sheet don't affect it. 

 

Let me share this link in case you want to learn and understand what is reported on the Profit and Loss report in QuickBooks. 

 

That's it. If you have any other questions or concerns, please know I'm only a post away. Have a great day and take care!