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I just purchased the Online Simple Business plan. I receive EFT deposit transactions which I created a Primary Income account to log them to. When I went to the Chart of Accounts the account has no value. I checked the Fiscal year which I assume is the current year since you couldn't find anything that stated what Fiscal year I was entering transactions to. In other software I set the Fiscal year and could view what fiscal year I was in. I don't pay myself via payroll so I logged the EFT transactions to my personal account as a Long Term Liability. Interestingly, these do show up in the Chart of Accounts.
It's my pleasure having you here, @UncleMooseCO,
May I know how these deposits were recorded in QuickBooks Online? I need to make sure we're on the same page and I can provide the most accurate resolution to your concern.
In the meantime, you can review the journal of the transactions and see where they are posted. Go to the Reports menu and select Journal from the list.
This will open an Journal Report where you can see the affecting accounts of the transactions created in the program. See this illustration:
Kindly update me on what you find as I want to make sure your data is accurate. Add a new comment below to notify me. I'll be glad to get back to you and share further insights. Have a wonderful day!
I went back and logged them under Retained Earnings and they show correctly in the Balance Sheet and while they don't show under Retained Earnings on the COA, I can run the report and they show up.
Thanks.
Hi there, @UncleMooseCO.
Thank you for coming back to us in the Community.
When you use the Balance Sheet Report, this will show you the asset, liabilities, and equity report, that's why you can't see the Primary Income.
You'll need to run the Profit and Loss report to see the Primary Income and the expense report in QuickBooks Online (QBO).
Since Retained Earnings is an account and not a register, this will show on the Balance Sheet Report while this doesn't show up in COA because it doesn't have a transaction.
This article will guide you through the difference of Balance Sheet report from other reports: What is a Balance Sheet report?
You can use this help page for the reports you want to know: Reports. It includes the company snapshots, how to customize reports and financial reports.
Should you have questions, leave a message for assistance. I'm always here to guide and help you. Take care, and have a good one.
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