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RKenshin2021
Level 1

Messed up income on P&L after using bank feeds

Hello,

 

Fairly new user to QuickBooks and I think I screwed up with my deposits and bank feeds for the past year.  I tried to do my reconciliations for the year and my P&L for income is almost double of what it should be. I did notice that I had uncategorized income that listed all of my deposits from the bank feed transactions.  Those deposits should have been a part of my categorized income when I made all of my customers' deposits through QuickBooks.  I'm so confused.  Where did I screw up?

1 Comment 1
KlentB
Moderator

Messed up income on P&L after using bank feeds

I'll make sure that you'll get accurate reports, RKenshin2021.

 

Uncategorized Income/Expense is an account made up by QuickBooks for the bank feed process. By default, the program automatically assigns all the entries that had no account entered to this account. 

 

To isolate this issue, you can also double-click the amount of the Uncategorized Income to show its related transactions. Then, recategorize the entries. Here's how:

 

  1. Select Reports from the top menu bar.
  2. Go to Company & Financial.
  3. Choose Profit and Loss Standard.
  4. Set the desired reporting date and accounting method.
  5. Double-click the amount of the Uncategorized Income, then open each transaction.
  6. Select the appropriate income account, then click Save and close.

Moving forward, if you ever see Uncategorized Income in the Account column, you should select the appropriate category to avoid discrepancies in your reports.

 

Additionally, here are some articles that you can read to help speed up the reporting process in QuickBooks:

 

Do let me know if you have any other questions or concerns by dropping a comment below. I've got you covered.

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