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Moray Baby Bank
Level 2

Income & Expenditure per Class shows wrong balance

When I run a report of income and expenditure by class, the total for each class is wrong in that sales receipts are added to expenditure.  So a sales receipt of £50 and an expense of £16.20 should show a total of £33.80, but it shows £66.20. 

 

I must have something basic not set up correctly ?

5 REPLIES 5
DivinaMercy_N
QuickBooks Team

Income & Expenditure per Class shows wrong balance

Welcome to the Community, @Moray Baby Bank.

 

I got steps to help you fix the incorrect balance on your Income & Expenditure by Class report. To start, let's first check the expense transaction. Let's make sure that you create this as an Expense or Bill and not a Deposit. To easily locate it, let's run a QuickReport for the specific class:

 

  1. Go to the Gear icon and choose All lists.
  2. Click Classes.
  3. Find the class you assigned the Sales Receipt and Expense transactions.
  4. Click the Run report
  5. Set the correct date you've created the transactions.
  6. Look for the transaction that shows as Expense. If you see a Deposit this might be the reason why the balance shows as £66.20 instead of £33.80. 
  7. Check the details. 

 

If the transaction amounting to £16.20 is correctly created as an Expense, your report should have the correct data. If it's created as a Deposit, let's delete and recreate it as an Expense or Bill. Here's how:

 

  1. Take note of the details of the transaction before you proceed.
  2. Select the More button.
  3. Choose Delete.
  4. Then, Yes
  5. Next, recreate the transactions as Expense or Bill.
  6. Go to the +New menu and choose Expense.
  7. Enter the needed details such as the Payee, DateAmountClassCategory, etc.
  8. Once done, click Save and close.

 

When finished, let's check again your Income and Expenditure by Class report. Simply go to the Reports tab, scroll down to the Business overview section and click Profit and Loss by Class report. 

 

Also, QBO can help you personalise and include only the details you need when running financial reports. See this article for guidance: Customise reports in QuickBooks Online

 

Feel free to get back here if you need further assistance correcting the balance of your Income & Expenditure per Class report. I'll be around to help. Keep safe. 

Moray Baby Bank
Level 2

Income & Expenditure per Class shows wrong balance

Hello:

 

I have checked as you suggested and the expense is created as an expense and not a deposit.  Please attached screenshot.

 

As you can see I have a sales receipt for £200 and an expense for £200, so the balance should be £0, not £400.

 

Thank you

EmmaM
QuickBooks Team

Income & Expenditure per Class shows wrong balance

Hello Moray Baby Bank, Thank you for your response, we are unable to see the attachment on the post could you try uploading that again in your reply? Thank you.

Moray Baby Bank
Level 2

Income & Expenditure per Class shows wrong balance

Hello:

 

Hopefully you can now see my screen shot attachment in pdf.

Angelyn_T
QuickBooks Team

Income & Expenditure per Class shows wrong balance

Thank you for getting back, @Moray Baby Bank.

 

Yes, I can now see the screenshot you've added.  Your report is correct. In QuickBooks Online (QBO), this is how the Class QuickReport works. The system will sum up all the transactions categorized under that certain class even if the transaction is an income or expense.

 

To get the result you need, you can run the Profit and Loss by Class instead. I'll guide you how.

 

  1. Click on Reports at the left pane, then look for Profit and Loss by Class.
  2. Open the report.
  3. Filter the report's date, then review the amounts or transactions under that certain class.

 

If you want to print the report, tap on the Print icon beside the small envelope.

 

For more hints about running and customizing your reports, you can open this article: Run reports in QuickBooks Online.

 

Moreover, here's how you can also memorise your report to save its current settings.

 

Please let me know how else I can help you with handling your income and expenses and reports. I've got your back, and I'm always here to help. Have a good one!

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