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inf
Level 1

Income statement not reporting correctly

I work for a small construction company.  Here is our process:  We receive invoices from vendors and enter them with an item code which is set up as a WIP account and then record those by job.  We pay the invoices from our AP aging report.  THEN we invoice the customer using the same item numbers and add on an overhead and profit part which is what we make from the job.  When the job is completed (or at year end) we make an entry to move the costs from WIP to COGS.  However, it is not reporting on the income statement and is vastly understated.  I think it is a glitch in quickbooks.

2 Comments 2
Pabz_L
QuickBooks Team

Income statement not reporting correctly

Hello, @inf.

 

If your Income statement is not reporting correctly, you can try to check if the reporting method or Report basis is on Accrual or Cash basis, so it will show you the report that you need. 

 

You can also check the report date of the Income statement report if it covers the whole period from the item was purchased, up to the date it was completed.

 

If the report date is correct and still your Income statement does not show the correct records, you can VerifyRebuild your data. This will fix data damage in your QuickBooks Desktop company file, but before you perform these troubleshooting steps, I advise creating a backup copy of your data.

 

To Verify and Rebuild your data, here’s how.

 

Verify data.

 

1. Choose Window then Close All.

2. Verify Data. Choose File then Utilities. Select Verify Data.

 

Rebuild data.

 

  1. Go to the File.
  2. Select Utilities. 
  3. Then, Rebuild Data.
  4. Click OK when you get the message Rebuild has completed.

 

Please check this article for more detailed information on verifying and rebuild data in QuickBooks Desktop. Verify and Rebuild Data in QuickBooks Desktop.

 

In case you wanted to customize your reports here's an article you can read for the detailed steps. Customize reports in QuickBooks Desktop.

 

Please feel free to fill me in if you have any other questions. Have a nice day!

inf
Level 1

Income statement not reporting correctly

Thanks for the reply!  I actually have taken all of those steps but it seems the only way to fix it is to change the item code, change it back and save the invoice.  It will then show up like I want it to.  I was hoping there might be an easier way to get this fixed besides rebooking every item we have ever billed out.

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