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Level 2

Good Morning. I am setting up an account for a non-profit. I have completed setting up chart of account and adding our data. But when I run our balance sheet no other expenses are there. the report it shows all income ok, but the only expense it is showing is payroll. It shows none of my other expenses. Any help would be appreciated.

 
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Best answer April 22, 2020

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QuickBooks Team

Good Morning. I am setting up an account for a non-profit. I have completed setting up chart of account and adding our data. But when I run our balance sheet no other expenses are there. the report it shows all income ok, but the only expense it is showing is payroll. It shows none of my other expenses. Any help would be appreciated.

Good morning and welcome to the Intuit community forum, LGC2700.

 

Let me clear things out about the data you see in the Balance Sheet report.

 

A Balance Sheet report gives you a financial snapshot of what you own (assets), what you owe (liabilities), and what you invested (equity).

 

You'll want to use the Profit and Loss report to see your income and expenses. It also indicates how the revenues are transformed into the net income.

 

I'm adding these resources for more details about your financial reports in QuickBooks Online:

Also, I'd suggest modifying your payroll preferences. QuickBooks automatically creates default accounts when you first set up your payroll.

 

To view and edit:

  1. Go to Settings and select Payroll Settings.
  2. Once you are there, you can see which Expense and Liability accounts are affected when you create a paycheck, make a tax payment, or create a deduction. This is a great starting point for drilling down which Payroll Expenses or Payroll Liabilities will reflect on your Profit & Loss or Balance Sheet reports.
  3. Select Accounting Preferences.
  4. Choose your desired account name from your Chart of Accounts from the drop-down.
  5. Click OK after choosing all your desired accounts.
  6. (Optional) You will be prompted to update Classes if the class feature is turned on.
  7. You will receive a confirmation screen that your accounting preferences have been updated.

The change of settings affect future transactions. However, you have an option to apply these changes to your past transactions too. If needed, you can backdate these changes for all transactions to the beginning of the year (does not affect changes to selected Bank account).

 

Check out the Set up Payroll account preferences page to help you track your payroll liabilities and expenses.

 

Let me know if you need additional information by leaving a comment below. I'm always around whenever you need help.

 

Thank you and stay safe!

View solution in original post

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Highlighted
QuickBooks Team

Good Morning. I am setting up an account for a non-profit. I have completed setting up chart of account and adding our data. But when I run our balance sheet no other expenses are there. the report it shows all income ok, but the only expense it is showing is payroll. It shows none of my other expenses. Any help would be appreciated.

Good morning and welcome to the Intuit community forum, LGC2700.

 

Let me clear things out about the data you see in the Balance Sheet report.

 

A Balance Sheet report gives you a financial snapshot of what you own (assets), what you owe (liabilities), and what you invested (equity).

 

You'll want to use the Profit and Loss report to see your income and expenses. It also indicates how the revenues are transformed into the net income.

 

I'm adding these resources for more details about your financial reports in QuickBooks Online:

Also, I'd suggest modifying your payroll preferences. QuickBooks automatically creates default accounts when you first set up your payroll.

 

To view and edit:

  1. Go to Settings and select Payroll Settings.
  2. Once you are there, you can see which Expense and Liability accounts are affected when you create a paycheck, make a tax payment, or create a deduction. This is a great starting point for drilling down which Payroll Expenses or Payroll Liabilities will reflect on your Profit & Loss or Balance Sheet reports.
  3. Select Accounting Preferences.
  4. Choose your desired account name from your Chart of Accounts from the drop-down.
  5. Click OK after choosing all your desired accounts.
  6. (Optional) You will be prompted to update Classes if the class feature is turned on.
  7. You will receive a confirmation screen that your accounting preferences have been updated.

The change of settings affect future transactions. However, you have an option to apply these changes to your past transactions too. If needed, you can backdate these changes for all transactions to the beginning of the year (does not affect changes to selected Bank account).

 

Check out the Set up Payroll account preferences page to help you track your payroll liabilities and expenses.

 

Let me know if you need additional information by leaving a comment below. I'm always around whenever you need help.

 

Thank you and stay safe!

View solution in original post

Highlighted
Level 2

Good Morning. I am setting up an account for a non-profit. I have completed setting up chart of account and adding our data. But when I run our balance sheet no other expenses are there. the report it shows all income ok, but the only expense it is showing is payroll. It shows none of my other expenses. Any help would be appreciated.

That did indeed solve my problem. the reports have different names from profit and loss and balance sheet, that added to my. confusion.

I really appreciate your help.

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