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Hello,
I was going through my profit and loss. I’m after clarification on what is ‘services’ under income that shows under expenses?? One month said 20k but I did not make 20k the one I’ll attach says 3k in services made but what does that mean? As these numbers look wrong. It’s connected to my booking software and they don’t match.
thanks :)
I can share some information about the Profit and Loss report generated by QuickBooks Self-Employed (QBSE), @AlyceR.
Can you tell me more about this services that you're referring to? A screenshot will also be of great help.
You can click the amount in that category to see all the transactions associated with it. The categories in your Profit and Loss report correspond to the IRS-mandated schedule C categories for self-employed individuals.
To check what transactions consists of these categories, refer to this article: Schedule C and expense categories in QuickBooks Self-Employed.
Everything you need to know about QBSE, how to set it up and how your estimated taxes are calculated are found here: QuickBooks Self-Employed Overview.
I'm always here if you still have questions about your reports by leaving a reply below. I'm always glad to help in any way I can. Have a great rest of the day!
Hello,
I did upload a screenshot but it mustn’t have posted.
I’m not sure what it is because I only put my transactions through as expenses
I’m linked to timely so when a client pays for a deposit the ‘invoice’ is created which is then in QuickBooks as ‘unpaid’ because they pay the rest in salon so I’m not sure if that’s what this is as I don’t have any services added to QuickBooks.
Thank you for getting back to us, Alyce.
I suggest logging in to your QuickBooks account via a web browser. From there, you'll be able to see what are those services for.
Here's how:
Also, please know that paid or unpaid invoices aren't included in your report or estimated taxes. Only entries from the Transactions page are counted and calculated.
Here are some articles where you can get additional information about handling transactions in QuickBooks Self-Employed;
Let me know if you have additional concerns about the entry on the Profit and Loss report. Just leave a comment below and I'm always glad to help you.
Hi thank you for that. I went on desktop and it showed what they were. Thank you for that tip.
so it is my invoices deposits that’s connected to timely. How do I stop those from coming over onto QuickBooks?
Thanks for getting back to us, @AlyceR.
You can hide your Timely account to QuickBooks Self-Employed (QBSE). This stops the program from downloading new transactions, and you keep all the existing data.
Here's how:
Please take note that doing these steps will also hide your downloaded transactions from your bank account. All of your data is still there, you just won't see the transactions anymore. To make the account active again, repeat the steps, and select the toggle to ON.
In case you want to add transactions but keep the account hidden, simply manually add them, or import them with a CSV file.
Moreover, there are a few ways to remove transactions you don't need. You can exclude them from your bank or delete them.
Let me know if you need further assistance with this. I'm always around to provide answers and clarifications to your questions. Have a great day ahead and take care.
Hi ReymondO
thank you for your reply, may I clarify that this will only stop the ‘deposit’ invoice showing up in my profit and los section? As I want everything to continue to transfer over to see all incomings and outgoings etc but don’t want to see that I have a heap of unpaid invoices attached to QuickBooks when it was just their booking deposit made online and the remainder is paid when they checkout in salon?
I hope that makes sense :)
Alyce
Hi there, AlyceR.
Thanks for the additional information.
Take note that hiding your bank account will stop the program from downloading all your new transactions. Since you want the other transactions to continue to download, you can just exclude the deposits so they won't show in your QuickBooks company. Here's how:
I've also included some resources that will help you manage your bank transactions:
Just tag me in your comments and posts if you need more help in dealing with your other tasks. Have a pleasant day ahead.
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