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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:
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!
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:
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!
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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