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strategiccontrol
Level 1

Why does "sales" add my expenses to my sales, and give me a totally inaccurate total?

 
1 Comment 1
JamesM4
QuickBooks Team

Why does "sales" add my expenses to my sales, and give me a totally inaccurate total?

Hi strategiccontrol,

 

Dealing with accurate totals is a crucial step towards keeping your books clean. I'm happy you're taking advantage of the powerful features offered in QuickBooks to streamline your business. I'd be happy to assist you with getting the resolution you need. 

 

Based on what you've described, it's important to make sure you check the transactions that make up the totals. This is a great place to start as you figure where the discrepancy is. If you're working with reports, I encourage you to check if your date ranges are correct. You may also want to check on the accounting method you're using. Here are the two accounting methods offered in QuickBooks:

 

Accrual basis

  • In this accounting method, the time when you enter a transaction and the time when you actually pay or receive cash may be two separate events.
  • An accrual-basis report shows income regardless of whether your customers have paid your invoices and expenses regardless of whether you have paid all your bills.

Cash basis

  • A bookkeeping method in which you regard income or expenses as occurring at the time you actually receive a payment or pay a bill.
  • A cash-basis report only shows income if you have received cash and expenses if you have paid cash.

You can edit the method by clicking the Gear icon > Account and Settings > Advanced Accounting method to Cash/Accrual Save).

 

Let me know if this info helps. I'm here to assist. 

 

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