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EStanley
Level 1

Bills in Sales Reports

When I run a profit and loss report, I am seeing Bill items as negative amounts under sales income. Some, not all. I have double checked how the items are set up and cannot find a difference: non-inventory parts assigned to a sales income account. How do I get an accurate Profit & Loss?

1 Comment 1
MariaSoledadG
QuickBooks Team

Bills in Sales Reports

Let me share with you some information on bill items showing a negative amount, EStanley.

 

There are several factors why expenses are showing as a negative amount depending on the transactions you've created and the account that you used.

 

Once you select an expense account for your product and services when creating a bill, it is considered an income account. You'll want to change it to the correct account to ensure that it will be posted to the expense account.

 

Also if this is related to an inventory item, make sure to select an asset account as the posting account instead of an expense.

 

However, to make sure that you've selected the correct one, I recommend reaching out to your accountant to guide you on selecting the specific account.

 

You may also want to visit this article for more information: Understand The Chart of Accounts In QuickBooks

 

Feel free to let us know if you need further assistance in selecting the correct accounts in QuickBooks. We're always available anytime in case you need help. 

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