And don't overlook your Sales reports. Example: Reports menu > Sales, Sales by Customer Summary, Columns by Item Type, set for Cash Basis.
Is "Sale by Customer Summary" a more accurate way of looking up income for the year? Because the total income on the "Profit & Loss" report is different then "Sale by Customer Summary"
Ultimately Sales/Revenue/Income = Amounts Billed/Paid by Customers, agree?
The difference between reports is usually a matter of timing and how you run reports.
P&L run on a cash-basis will only include revenue where you have already received cash.
Accrual-basis would include revenue that you have billed to customers who have not paid yet.
Sales by Customer Summary should match one of those P&L's, so you can see the differences.
RE: Ultimately Sales/Revenue/Income = Amounts Billed/Paid by Customers, agree?
No. Sales and income are not the same thing. Similarly Bills and expenses are not the same thing.
Income includes things like Interest income, deposits for things other than sales, and so on - where many of these things are either not sales or not usually tracked as sales in QB.
Expenses include things like depreciation, petty cash, credit card charges and so on - none of which are usually tracked using Bills.
Is there a report in Quickbooks for total money received? (I don't want this report to minus discounts or sales tax) I just want a report for all checks received with no deductions.
Total money received is the Cash that you received so would be after discount since that is what you received (if you offered discounts). Sales tax would be added to amount if you bill for sales tax.
Good day, @Vitan.
I can help you run a report that shows the total money receive including the discounts and sales tax.
That should do it. Keep me posted if there's anything else you need about reports. Just mention my name or add a message below. Have a good one.
This is wonderful and exactly what I need, except for the fact that I switched to Online Quickbooks at the beginning of last year. Having a bit of a hard time with it. Seems completely different than the Desktop Version. Is this sort of report available in the Online Version? Can't seem to find it.
Thanks for the prompt response, @Vitan.
Allow me to join the conversation and help you pull up a report that would show the total money received in QuickBooks Online.
From the All Sales tab, you have the option to filter the data by Money received and print the list or export it to Excel. Here’s how:
1. Go to Sales from the left navigation and select All Sales.
2. Click the Filter drop-down and choose Money received as the Type.
3. Select Status, Date, and Customer, then click Apply.
4. Once done, click the Export icon to export it to Excel or the Print icon to print the list.
These steps should get you the data you need. Please update me on how it goes. If you have additional questions, leave a reply below. I’ll be more than happy to help. Have a great day!
RE: Allow me to join the conversation and help you pull up a report that would show the total money received in QuickBooks Online.
Except your report doesn't do that. It does not include money received in deposits, Journals that act like deposits, and any number of other transactions that are excluded from Sales reports.
BRC - It is considered not best practice to not use proper accounting journals to get best results on any system. Meaning not using JE's for Deposits when there is a function for Deposits that ties to other proper Journals like Revenue, AR and Cash Receipts where one would expect cash entries. Deposits are not Revenue until they are connected to a customer invoice for a legitimate "sale." Sales Reports show Sales, not journal entries or random bank deposits with no customer invoice.