In QB online we have service date and invoice date. Is it possible to run PL report, where only the service date will be showed in Revenue section, not the invoice date.
Where I can find that settings?
Currently, we're unable to run the Profit and Loss Detail report that shows the service dates. I'd recommend sending feedback to our Product Development Team by clicking the Gear icon in the upper-right corner and selecting Feedback.
Meanwhile, you can customize the Sales by Product/Service Detail report. You can use this for reference while pulling up Profit and Loss Detail report.
I'd also recommend reaching out to your accountant to see if they know other reports that display the data you need.
Feel free to let me know if you need anything else.
Hi there, YDK.
I can share some information about how the Profit and Loss (P&L) report works in QuickBooks Online.
Please take note that when you use an accrual basis for your bookkeeping, you record income when you sell or ship an item. You count expenses when you obtain a purchase. The original transaction and the time money changes hands are separate events for accounting purposes.
If you set your P&L report to an accrual basis, it will show all your income regardless of whether your customers have paid your invoices. Additionally, the date that would reflect on this report is the actual date when you created the invoice.
To ensure that the dates on your financial report reflect your real-life business activities, you'll want to issue the invoice right after you provide the service or sell the product.
Additionally, here some articles that you can read to help streamline the reporting process and get the most out of QuickBooks’ financial reporting capabilities:
Do you have any other questions in mind? Feel free to leave them below and I'll get back to you as soon as I can.
Thank you for your quick response
But I think that my question still stands. According to accrual accounting you earn the money when the service is rendered not when you create the invoice so the P&L should reflect the service date not the invoice date?
I create the invoice when the customer orders the service and I get paid before the service is rendered so I enter the invoice date on the date that I send out the invoice and I enter the service date to reflect the date the service is provided. I think the P&L should run according to the service date not the invoice date?
I have seen that another person asked that Quickbooks should fix this.
Thanks for following up with the Community, YDK.
As my colleague, KlentB, explained, the date that's shown on an accrual-based profit and loss report is the day when your invoices were created. Additionally, their response provides information about how to ensure reports reflect proper details.
If you'd like to submit a product suggestion about our reporting feature in Quickbooks Online, you can do so while signed in.
1. Use your Gear (⚙️) icon.
2. Click Feedback.
3. Enter your suggestions and/or comments.
4. Hit Next.
5. Choose Skip and send message.
6. The available drop-down menu can be used to pick an appropriate category.
7. Select Send message.
Your feedback is definitely valuable to Intuit. It goes directly to the Product Development Team and will be considered in future updates. Feature requests can be tracked through our Customer Feedback website.
If there's anything else I can help with, please feel more than welcome to reach out anytime. Have a fantastic day!
I have to say, having browsed several Q&A threads on this same issue, since my company is now facing it, and seeing that this shortcoming in QB has been noted for years, it feels incredibly tone deaf to repeat ad nauseam the "here's how to submit feedback" line. Maybe this is the direction from management, but it is not a helpful policy, at all. Users have consistently stated how the workarounds suggested for this problem do not meet their needs, again, for years, with clearly no comprehensive response by QB beyond, "send us your feedback! Again!" And just because this response is no different than most software help forums (I've seen this plenty of times for Microsoft products), it doesn't make the customer feel any less ignored. Please up your game, y'all.
I am having the exact same problem. The work around a I have are time consuming and involve taking numbers from the p&l and numbers from the transaction by service date into an excel spreadsheet. So frustrating. Please fix so we can run an accrual P&L based on service date, not invoice date.
Hi! Quickbooks should really do something about the service date... But in the meantime, we've spent lot of time thinking about this... Thought about using the 'service date' but it's pretty much useles since it doesn't affect the date of income. So.. I'm in the hospitality business, and normally how we proceed with our clients is the following:
- 50% deposit is made on the booking date (i.e. today)
- 50% 90 days before the booking date.
I sell events very often 1-2 years in advance.
So what we did is that we put the 'Invoice Date' as the date of the wedding (on which the service is rendered, so taxes are perceived and income is actually made), and the 'Due Date' of said invoice as of 90 days in advance. (so that I can see in my cashflow that I have money coming in, etc.).
For the 1st 50% deposit, we just receive payment separetely and apply such payment on the invoice of the client (which brings the new Balance Due to 50% of the total invoice).
What happens in QBO is that the payment (made today) is recorded as a negative Account Receivable. At year end, we switch all such negative amounts to a Deferred Income as it's 'cleaner' for analysis purposes..
Any thoughts on this procedure? Really scratched my head, and found it's the easiest for clients, and also.. internally.