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Daveplumber
Level 1

Profit and loss only showing expenses

Hello all,

I’ve put invoice payments and expenses into QuickBooks self employed and in the profit and loss section, it only shows the expenses and not the invoice payments so it’s a negative figure. Anyone able to help me out? I expect I’ve not set up properly. Thanks in advance!

1 REPLY 1
Anonymous
Not applicable

Profit and loss only showing expenses

I can provide clarification about the Profit and Loss report in QuickBooks Self-Employed (QBSE), Daveplumber,

 

Your income report is tied to the Transactions window. The discrepancy comes up if the account where payments are deposited is not connected to your QBSE account, or payments are not recorded manually.

 

To fix this, connect your bank account through these steps: 

  1. At the top right click the Gear icon.
  2. Select Bank accounts.
  3. In the search box, enter the name or URL of your bank. Then click Continue
  4. If you've already connected an account before, select Connect another.
  5. Enter the sign-in info you use for your bank's website.
  6. Hit Connect securely.

Once you're connected, QuickBooks pull as much of your transactions as possible and pull any new information that's available every time you log in.

 

Additionally, you can refer to the first article to set up bank feeds for other devices, as well as to categorize transactions after downloading them. Also, you can use the second link if you need to bring in data from earlier date:

 

Another option is recording the payments manually. Follow the steps below:

 

  1. Go to the Transactions menu then select Add transaction.
  2. Change the Type to Business. then use Income for the Category.
  3. Complete the details of the payment then hit Save when done.

 

Please let me know if have questions with reporting or need further help. I'm always free to help. Have a great one.

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