Customer Deposits reported as Revenue in Job Est vs Act reports, it is not Revenue.

DjLatham · ‎September 27, 2024

The Deposit Item = 'Other Charge' , Account is a Liability Account for Customer Deposits - not a Revenue account.

Customer Deposits reported as Revenue in Job Est vs Act reports, it is not Revenue. How do I run these reports to exclude Customer Deposits received and credited?

BigRedConsulting

@DjLatham

RE: The Deposit Item = 'Other Charge' , Account is a Liability Account for Customer Deposits - not a Revenue account.

Customer Deposits reported as Revenue in Job Est vs Act reports, it is not Revenue.

Revenue and income are two different things. I think you're after income, but that's not what the report is designed to show. Revenue is basically sales (everything listed on an invoice or other sales transaction) less sales tax, if any.

For example, if you had an asset and you sold it to a customer, that is revenue though it is not income. Similarly, you can have income that is not from sales (e.g., interest income and income from investments).

To eliminate an account's activity from the report, filter the report for all other accounts, excluding the one account.

To do this, modify the report and on the Filters tab, add the Account filter. Select Multiple Accounts from the account filter, then click All Accounts, and then de-select the offending account:

View solution in original post

IrizA

I can help you exclude the customer deposits from your reports, DjLatham.

First, please note that the Job Estimates vs. Actuals Summary report is exclusive for revenue and expenses, such as Estimates, Bills, and Checks. Specifically, if an estimate is created and linked to a particular individual, any deposit connected to that individual will be shown in the report.

To exclude this, we can customize your report by following these steps:

Go to Reports.
Click Jobs, Time & Mileage, then choose Jobs Estimates vs Actuals Summary report.
Hit Customize Report.
Choose the date you want to pull up from the Date dropdown under the Display Tab.
Go to the Filters tab, then enter the Transaction Type from the search field.
Click the Transaction Type dropdown, then select the Multiple Transaction Types.
Tick the transactions you want to include in your report, then click OK.

Furthermore, you can access this material to learn more about customizing your reports: Customize reports in QuickBooks Desktop.

Please let me know if you have further questions regarding Jobs Estimates vs Actuals reports or anything related to this, DjLatham. We're still here to back you up.

DjLatham

Thank you but this is not a solution for reporting the Revenue accurately on the job report (Filter by Transaction Type). Reason: Customer Deposits are requested via a QB Invoice and then on progress billing a portion is deducted on subsequential client invoices per the % of Completion at this date. QB is treating the Deposit Item on the Client Invoice as Revenue when it is not. It is a Liability.

Other suggestions?

BigRedConsulting

@DjLatham

RE: The Deposit Item = 'Other Charge' , Account is a Liability Account for Customer Deposits - not a Revenue account.

Customer Deposits reported as Revenue in Job Est vs Act reports, it is not Revenue.

Revenue and income are two different things. I think you're after income, but that's not what the report is designed to show. Revenue is basically sales (everything listed on an invoice or other sales transaction) less sales tax, if any.

For example, if you had an asset and you sold it to a customer, that is revenue though it is not income. Similarly, you can have income that is not from sales (e.g., interest income and income from investments).

To eliminate an account's activity from the report, filter the report for all other accounts, excluding the one account.

To do this, modify the report and on the Filters tab, add the Account filter. Select Multiple Accounts from the account filter, then click All Accounts, and then de-select the offending account:

DjLatham

Worked Perfect!

Thank you!

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Customer Deposits reported as Revenue in Job Est vs Act reports, it is not Revenue.