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sharon11
Level 2

I invoiced a customer for $ 10,00 for a Product that is setup as a "Service Item". Customer paid $ 10,00 but my P&L is showing $ 9.02 in income, why is the difference?

 
17 Comments
HoneyLynn_G
QuickBooks Team

I invoiced a customer for $ 10,00 for a Product that is setup as a "Service Item". Customer paid $ 10,00 but my P&L is showing $ 9.02 in income, why is the difference?

Hi there, @sharon11.

 

Thank you for asking the Community and providing some details. I can help you verify why you only have $9.02 for income.

 

We can run the transaction journal report to verify the posting of the transaction. It could be that there's an applied credit on the invoice. 

  1. Open the invoice.
  2. At the bottom, click More.
  3. Choose Transaction Journal.
  4. On the report, check the information.

Let me know what's the result, sharon11. Just add a comment below or mention my name. I'm still here to help you more if you have follow up questions.

sharon11
Level 2

I invoiced a customer for $ 10,00 for a Product that is setup as a "Service Item". Customer paid $ 10,00 but my P&L is showing $ 9.02 in income, why is the difference?

I pulled the journal and I show the debit of 307.50 and then the credits from where the payment was made, see file attached.  Please advise.

JonpriL
Moderator

I invoiced a customer for $ 10,00 for a Product that is setup as a "Service Item". Customer paid $ 10,00 but my P&L is showing $ 9.02 in income, why is the difference?

Thank you for the quick response, @sharon11!

 

May I ask for more details about your Profit and Loss report specifically on the $9.02 amount showing as an income. Or the invoice itself so I could give you correct resolution and will help you from there.

 

I'll be always around here in the Community to help you if you have any other questions and we'll be waiting for your response.

sharon11
Level 2

I invoiced a customer for $ 10,00 for a Product that is setup as a "Service Item". Customer paid $ 10,00 but my P&L is showing $ 9.02 in income, why is the difference?

What further details do you need?  I processed an invoice for a customer, total amount of the invoice was $ 307.50.  There were 4 Products that were invoiced, one was for $ 10.00.  This invoice was paid by the customer in full, no credits were issued.  On the P&L, only $ 9.02 posted to income.  I thought I had the Product setup wrong as it was originally a non-inventory item.  I changed it to a service item, but the wrong amount is still posting to income. Any help would be greatly appreciated as the client needs their financial statements on Monday.  Thanks !

Malcolm Ziman
Level 10

I invoiced a customer for $ 10,00 for a Product that is setup as a "Service Item". Customer paid $ 10,00 but my P&L is showing $ 9.02 in income, why is the difference?

@sharon11

How do you know the 9.02 is for "Birthday"?

sharon11
Level 2

I invoiced a customer for $ 10,00 for a Product that is setup as a "Service Item". Customer paid $ 10,00 but my P&L is showing $ 9.02 in income, why is the difference?

The original amount for the Birthday charge is $ 10.00.  That is the amount the customer paid. When I look at the P&L for "Birthday Income", it is showing $ 9.02 for this customer.

MaryGraceS
Moderator

I invoiced a customer for $ 10,00 for a Product that is setup as a "Service Item". Customer paid $ 10,00 but my P&L is showing $ 9.02 in income, why is the difference?

Thank you for the quick response, @sharon11.

 

To ensure that I'm on the same page, can you include a screenshot of your P&L report (Birthday Income) and invoice so that I can check why it's showing $9.02 for this customer. Any other details you can provide would be helpful too. 

 

We appreciate you taking the time to visit us here today. I look forward to hearing from you soon.

sharon11
Level 2

I invoiced a customer for $ 10,00 for a Product that is setup as a "Service Item". Customer paid $ 10,00 but my P&L is showing $ 9.02 in income, why is the difference?

I have tried to get a screen shot on here but can't get it to post. There is not really any other information I can give you other than what is stated here. I invoiced a customer for $ 10.00, they paid the $ 10,00 and only $ 9.02 is showing on the p&l. I am extremely frustrated with this online software !

Malcolm Ziman
Level 10

I invoiced a customer for $ 10,00 for a Product that is setup as a "Service Item". Customer paid $ 10,00 but my P&L is showing $ 9.02 in income, why is the difference?


@sharon11 wrote:

The original amount for the Birthday charge is $ 10.00.  That is the amount the customer paid. When I look at the P&L for "Birthday Income", it is showing $ 9.02 for this customer.


The 9.02 is obviously something else. Click on it and it will show you what it is

sharon11
Level 2

I invoiced a customer for $ 10,00 for a Product that is setup as a "Service Item". Customer paid $ 10,00 but my P&L is showing $ 9.02 in income, why is the difference?

No, it is not something else. I clicked on the $ 9.02 and it takes me to the cusomter invoice where he was billed $ 10.00.

Malcolm Ziman
Level 10

I invoiced a customer for $ 10,00 for a Product that is setup as a "Service Item". Customer paid $ 10,00 but my P&L is showing $ 9.02 in income, why is the difference?


@sharon11 wrote:

No, it is not something else. I clicked on the $ 9.02 and it takes me to the cusomter invoice where he was billed $ 10.00.


Not possible.

They say to clear cache when there is weird behavior.  Did you do that?

sharon11
Level 2

I invoiced a customer for $ 10,00 for a Product that is setup as a "Service Item". Customer paid $ 10,00 but my P&L is showing $ 9.02 in income, why is the difference?

If you print the report on a cash basis, the $ 9.02 is what shows on the income statement.  However, if you print on an accrual basis, $ 10.00 shows on the income statement.  I had to get online with support to get this corrected, so it is possible to have the wrong amount on the p&l.

Angelyn_T
QuickBooks Team

I invoiced a customer for $ 10,00 for a Product that is setup as a "Service Item". Customer paid $ 10,00 but my P&L is showing $ 9.02 in income, why is the difference?

Thank you for getting back to us here in the Community, @sharon11.

 

Allow me to join the thread and help share information about the cash and accrual basis of accounting method in reports. 

 

Cash and accrual are two methods of reporting income and expenses. The same report can paint a different picture depending on the method you pick. This is the reason why running your report into cash method gives a different amount when running the report into accrual method.

 

When you use the cash method, your report counts income or expense as though they happened when you got the payment or paid the bill. If you sent an invoice or got a bill, but the money hasn’t changed hands yet, your report doesn’t include it in your income or expenses. When you use the accrual method, your report counts income and expenses as if they happened when you sent the invoice or got the bill. It includes income and expenses even if the money hasn’t changed hands yet.

 

To learn more about cash and accrual basis of accounting, you can check this article: Choose between cash and accrual accounting methods in reports.

 

If you need further assistance with checking the report, you may get in touch with our QuickBooks Support Team.

 

Keep me posted if you have any other questions about running reports in QuickBooks Online, I'll be right here to help you. Wishing you the best!

sharon11
Level 2

I invoiced a customer for $ 10,00 for a Product that is setup as a "Service Item". Customer paid $ 10,00 but my P&L is showing $ 9.02 in income, why is the difference?

I understand the difference between cash and accrual accounting, that is not the issue.  When I invoice a customer for $ 10.00 and that customer pays $ 10.00, then $ 10.00 should show up on the p&l, not $ 9.02.  And as a matter of fact, all of these transactions took place in the same month.

Angelyn_T
QuickBooks Team

I invoiced a customer for $ 10,00 for a Product that is setup as a "Service Item". Customer paid $ 10,00 but my P&L is showing $ 9.02 in income, why is the difference?

Thank you for adding a reply, @sharon11.

 

I'm here to help check the status of your invoice.

 

It's possible that your invoice is paid partially reason that it shows the $9.02 when running the Profit and Loss Report, you may need to check the transaction and the payment of the invoice. 

When you select the Accrual basis of accounting it shows the $10.00 amount while selecting Cash it'll show the amount of the partial payment.

 

Let me know if you have any other questions about invoices and reports by adding a post/comment below. I'm always here to help!

sharon11
Level 2

I invoiced a customer for $ 10,00 for a Product that is setup as a "Service Item". Customer paid $ 10,00 but my P&L is showing $ 9.02 in income, why is the difference?

As stated previously, there is NOT a partial payment.  The customer was invoiced for $ 10.00 and paid $ 10.00.  The amount that shows on the p&L should be $ 10.00, both accrual and cash reports.

IamjuViel
QuickBooks Team

I invoiced a customer for $ 10,00 for a Product that is setup as a "Service Item". Customer paid $ 10,00 but my P&L is showing $ 9.02 in income, why is the difference?

Hello there, @sharon11.

 

Allow me to share some details that may cause the discrepancy between the PL report and the invoice.

 

Have you tried generating your Sales by Item report and compare it with your PL report? If so, does it show the same discrepancy? 

 

Here are the possible reasons you’re getting the discrepancy:

  • The date ranges of the reports do not match.
  • The accounting bases of the reports do not match.
  • Sales items point to incorrect sales accounts.
  • The P&L report includes transactions that do not use items (e.g., the Expense Tab on a bill or a journal entry).

In the meantime, let’s perform the following troubleshooting steps to isolate this concern:

  • Sign into your QuickBooks Online account using an incognito or private browser. Use either of the following shortcut keys:
    • Google Chrome, press CTRL  + Shift + N
    • Mozilla Firefox: press CTRL  + Shift + P
    • Internet Explorer: press CTRL  + Shift + P
    • Safari: press Command + Shift + N
  • Also, there may be a need to clear your browsing history that cause the odd data in your PL report.
  • You can also use the Browser Health Checkup Tool to check any issues with your browser’s health and its compatibility with QuickBooks Online.

If the issue persists, I’d recommend contacting our Customer Care Team. An agent will be able to further check on your reports on a secured environment.

 

Here’s how to contact us:

  1. Go to the Help menu.
  2. Choose Contact Us.
  3. Under How can we help?, type in a keyword for your concern.
  4. Hit Continue.
  5. Click Get our phone number to contact us.

Let me know if you have other concerns about the data included on your Profit and Loss report. I’m always here to help.

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