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Rads24
Level 1

Profit and Loss

Hi, I've got a P&L attached showing bank mortgage interest on my list of expenses but they're deducted against other expenses therefore showing a much larger profit. How can this be corrected?

Thanks

Rads24

4 Comments 4
RaymondJayO
Moderator

Profit and Loss

I appreciate you for providing a screenshot about your concern, @Rads24. It helps me determine the possible cause of the issue. With this, I'm here to ensure you're able to correct the difference of your P&L report in QuickBooks Self-Employed (QBSE). 

 

It could be the bank mortgage interest transactions aren't categorized yet. That's why they're deducted against your other expenses. 

 

Also, a negative expense in the P&L report reflects income. Thus, the report displays a much larger profit. 

 

To help fix this, I'd suggest clicking the -$4,663 amount in the All other expenses section. This way, you'll be able to drill down the categories of your bank mortgage interest transactions. Also, you can see what's feeding the amounts listed there. Please make sure to choose a category from the Category search box. With this, you'll need assistance from your accountant to determine the accurate expense category for this. Doing so will help you correct the difference in your P&L report. 

 

Aside from P&L, the chosen expense category may also appear on your Tax Summary or Tax Details report. I recommend reviewing them to ensure the amounts are correct before filing your taxes to the ATO. 

 

I'm just a comment away if there's anything else you need. Take care always, @Rads24

Rads24
Level 1

Profit and Loss

Hi @RaymondJayO , 

 

Thanks very much for the detailed response, however my bank mortgage charges are already categorised showing as amount $4,163 which is showing as 'interest expenses in AU' which I tried changing to Mortgage interest such as depicted in your screenshot, but I dont get one of those categories showing up when I type it in. See screenshot of that attached. 

The other thing that I am confused about if why the amount of -4,663 is showing as a negative number and therefore being categorised as an income even though they've all been individually categorised as expenses. I think solving these two will definitely help my P&L show the correct amount. 

Many thanks again.

Rads24
Level 1

Profit and Loss

@RaymondJayO , I'm attaching another screenshot in addition to my first message which shows the detail of expenses categorised which arent showing as negative in the detailed entry but are in the P&L statement which is slightly confusing 

JonpriL
Moderator

Profit and Loss

Hello @Rads24,

 

Ideally, you should be able to fix your Profit and Loss report by updating the categories of your transactions as suggested by my colleague, @RaymondJayO. Since you're unable to see the Mortgage Expense category, I'd recommend contacting our Customer Care Support via the Assistant menu so someone from there can review your data and fix your report.

  1. Go to Ask QB Assistant.
  2. Enter Talk to a human in the Search field.
  3. Click Message an agent.

Lastly, here's a few articles you can read for ideas about how you can manage your account and related transactions: Help Articles for QuickBooks Self-Employed.

 

If there's anything else that I can help you with, let me know in the comments. I'll be here to lend a hand.