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Harvey17
Level 1

Department Transfers

Since my original question seems to not find ear lets see if I get understood with this one Smiley Happy

 

Anyone has a good way to organise different departments in QB?

I have for every department in Charts of Accounts an income and an expense account.

 

To check the balance of the department I put the two against each other.

 

Making transfers between departments I do as an expense of one to the income of the other. The sad part about this is that my profit loss is shooting into the heavens due to internal transfers.

 

Any other ideas to do this? Or to create a profit loss that is only based on actual cashflow?

2 REPLIES 2
JasroV
QuickBooks Team

Department Transfers

Hi there, @Harvey17.

 

You'll want to get in touch with your accountant to ensure the accuracy of recording this. Your accountant can give you expert advice on recording this. Also, you can ask your accountant if you want more tips on how to better record this.

 

Then to create your a profit and loss report based on actual cash-flow, you'll have to toggle the Accrual or Cash report basis. Here's how.

 

In your QuickBooks Dekstop (QBDT):

  1. Go to the Reports menu.
  2. Click Financial & Company.
  3. Select Profit & Loss Detail report.
  4. Toggle Cash from the Report Basis section.2.PNG

     

You might also want to check this article that can guide you on how to customise reports in QBDT. This way, you'll learn how to generate a report that shows the data you need.

 

In case you want to learn some tips on managing your QBDT software, you can visit our Help articles page for reference.

 

I'll be around if you have other questions or concerns. Have a great day!

Paulg1969
Level 3

Department Transfers

I would enable classes for departments, you can then journal amounts between classes - same expense heading eg debit telephone class A, credit telephone class B.

 

 

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