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 ?
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:
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:
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.
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 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.
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!