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Badgers10
April 20, 2022
Question

Profit and Loss reports

  • April 20, 2022
  • 6 replies
  • 31 views

When I run P&L reports, both invoices and indirect (checks I deposit into my bank) deposits are registering as sales, inflating my total income.

 

How do I run a P&L report with just invoices as my total sales?

 

Thank you!

6 replies

Mark_RModerator
Moderator
April 20, 2022

It's good to have you here in the Community, @Badgers10.

 

Customizing the profit and loss report to show only the total income for invoices isn't available in QuickBooks Online (QBO). Please know that the report is designed to display all the total income of the business, and it includes bank deposits.

 

As an alternative, you can consider running and customizing the Transaction Details by Account. This will help you see the total sales of the invoices. Here's how:

 

  1. Sign in to your QBO account.
  2. Click Reports from the left menu.
  3. Search for the Transaction Detail by Account report.
  4. In the report, select the Customize button.
  5. From the Report period drop-down, choose the date you want to show on the report.
  6. Go to the Rows/Columns section, then select Transactions Type in the Group by drop-down.
  7. Go to the Filter section and choose Invoice from the Transaction Type drop-down.
  8. Click Run report.

 

After the steps, the report will display all the invoices and the total sales. I'm adding this article to learn more about customizing reports: Customize reports in QuickBooks Online.

 

You might also want to memorize the report. This allows you to save the current customization settings of the report.

 

It's nice working with you, @Badgers10. Should you need further assistance running reports in QBO, I'm available here to help any time!

Badgers10Author
April 20, 2022

Thanks for the response, Mark!

 

The issue is that the deposits are tied to invoices, so I am essentially showing twice the income for a single sale.

 

There must be some way to remedy this.  Long story short, I started a business last summer.  Some customers pay by ACH, or directly through Quickbooks.  However, the majority of my customers give me a check as a form of payment.  I "receive payment" in Quickbooks for these payments made by check.  Then, at the end of the week, or sometimes every other week, I will make a bulk deposit.  The bank records this transaction as one deposit.

 

Now, when I run a P&L, it shows all of my invoiced sales and those bank deposits as well.  So, most of my sales are showing up as income twice, inflating my sales.  

 

This can't be the correct and has to be fixable.

 

Best,

 

Nick

MarsStephanieL
MarsStephanieL
Level 6
April 21, 2022

Thank you for sharing more details about your concern, @Badgers10.  I can share some insights about the duplicate amount showing in your report in QuickBooks Online (QBO).

 

The manually added payments made to the Undeposited funds will not create a duplicate transaction when you create a deposit to your bank.

 

However, if the payment is assigned to the same account when creating a Receive payment and Deposit transaction from the identical invoice, it will create a duplicate amount in the account.

 

In your case, removing the recorded checks in the Deposit transactions would take out the duplicate amount showing in the Profit and Loss report. 

 

Here's how:

 

  1. Go to the Accounting menu, and then select the account associated with the bank deposit.
  2. Click View register under the Action column.
  3. Choose the transaction, and then tap the Edit button.
  4. Make the necessary changes you want, and then click Save and Close once ready.

 

Once done, you can check the Profits and Loss report, and the Accounting method is set to Cash or Accrual and the date range to get the exact details.
 

Moreover, you can check out this article you can use in the future about matching multiple transactions to your downloaded transaction in the Banking page: Categorize and match online bank transactions in QuickBooks Online.

 

I'll be around if you need more help managing your deposits or any QuickBooks-related processes. Feel free to add a reply so I can help you further. You have a good one!

MJoy_D
MJoy_DQuickBooks Team
QuickBooks Team
April 21, 2022

Thank you for getting back to us and providing us with more details about the error you're having after doing the steps provided by my colleague, @Badgers10.

 

When trying to record a bank deposit, select an income or expense account rather that choosing the undeposited funds account. Refer to these articles for more information about putting payments into the Undeposited Funds account and managing them right after:

 

 

For more information about adjusting the amounts of your Undeposited Funds and Bank account, you'll want to create a Journal Entry. 

 

Let me know if you need further help with your deposits. I'm always glad to help in any way I can. Have a great rest of the day!

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