Entering sales & ledger(for vat)

ian · ‎January 08, 2020

Good day,

i have been entering INvoices, then applying payments which create my sales for my company. THe accountant who does my Reviews asked me to post general ledger entries so that my vat ,sales and cash accounts are showing up in reports for her.

Since i have been doing this , my reports are now showing double sales figures,which means that now i have to go in and delete the invoices in order for the report to show correct sales, but that now means i dont have a sales report for sales by item summary.

Now i have to do a custom transaction detail report, which shows me general sales per month. IS this the only way that i an do this as i would like to have graphs showing my item, summary item lists for seeing how things are . being sold.

I have us version and havent been wanting to spend $$ on UK version for vat. ANy help would be so appreciated.

here is my current char of accounts i use and their type:

accounts used for vat , general ledger posting

CASH- Other asset (DR)

Vat Out -other current liability (CR)

Sales- Equity (CR)

Posting sales:

Create Invoices - I enter Sales and item amounts on the invoice here

Receive payments - this is how i would receive sales from the invoice

When i print a report

shows in report

income :

sales

general ledger

-------

total income = sales + gl entries

RenjolynC · ‎January 08, 2020

Hello ian,

This can happen if the account assigned to an item is the same one added when you created the journal entry. For example, item A uses the Sales account. Then, the Sales account is also credited to a journal entry.

You'll want to view the account assigned to the items by following these steps:

Go to Lists located at the top.
Select Item List.
Double-click the item to view the account assigned.
Click OK when done.

Please see sample screenshot below:

You can change the account from the drop-down menu, so it shows in separately in your Profit and Loss report. Before doing so, I'd recommend consulting your accountant to make sure your reports are accurate.

If you have any additional questions or other concerns, please let me know. Thanks.

View solution in original post

KlentB · ‎January 08, 2020

I can think of one report that can help you, ian.

We can pull up the Sales by Item Summary Report. Then, we'll have to manually export it to an Excel file and create the itemized graphs from there. Please take note that only the transactions that involve items (sales receipt and invoices) are shown in this report, the journal entries that directly affecting the sales account will not be showed.

You can follow these steps:

Open your company file.
Select Reports from the top menu bar.
Choose Report Center.
Search Sales by Item Summary Report.
Set the appropriate reporting date.
Click the Export button, then select Create New Worksheet.
Hit Export.

I've added articles that will help you in personalizing your reports in QuickBooks Desktop:

Please let me know if you have any other concerns or further questions about how reports works in QuickBooks. I'll be sure to get back to you.

ian · ‎January 08, 2020

That is great if i actually entered in the invoices for receiving payments. my main

issue is WHy does quickbooks total my sales & general ledger entries in p&l statements.

eg:

income is showing $2000 , which is My Sales entered as invoices & receiving payments

&

the GL entry which has Cash, Vat out and Sales

this is what i am trying to figure out?

thanks,

uploaded what i see in P&L

RenjolynC · ‎January 08, 2020

Hello ian,

This can happen if the account assigned to an item is the same one added when you created the journal entry. For example, item A uses the Sales account. Then, the Sales account is also credited to a journal entry.

You'll want to view the account assigned to the items by following these steps:

Go to Lists located at the top.
Select Item List.
Double-click the item to view the account assigned.
Click OK when done.

Please see sample screenshot below:

You can change the account from the drop-down menu, so it shows in separately in your Profit and Loss report. Before doing so, I'd recommend consulting your accountant to make sure your reports are accurate.

If you have any additional questions or other concerns, please let me know. Thanks.

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