Journal entries and job costing

You can consult your accountant to ensure these costs are reflected in the Profit and Loss report. I'll guide you where to find an accountant to help with this, AB1968.

This report summarizes only the revenues, costs, expenses, and profits/losses of a company during a specified period. Since it was initially assigned the deposit to an Other Asset account, it will not be reflected in the Profit and Loss report. 

1. Go to this link: Find a ProAdvisor.
2. Make sure to fill in the required fields. Location, Service provided, Industry served, and Product supported.
3. You'll automatically see the available accountants located near your area.

Post again if you have other concerns in QuickBooks Online. I'm always here to help.

Thank you SarahannC.

What type of account (other than "other assets") should we post customer deposits to so that they do appear in the P&L when a journal entry is made to convert it to a COGS item?

Thank you.

Alex

Thank you SarahannC.

What account (other than "other assets") should we post customer deposits to so that they appear in the P&L when they become COGS later through a journal entry?

Thank you.

Alex  

Hi there, @AB1968. Thanks for getting back to this forum. Let me provide additional insights about your concern.

The Profit and Loss report displays your business revenue, costs, and expenses for a specific period, giving you an overview of the profits and losses of your business. For deposits to appear on this report, you need to assign them to an income account, not Other Assets account.

Since we can't share what specific income account you should use, I recommend consulting your accountant. They can provide professional advice on what appropriate account to use. If you don’t have an accountant, you can find one here: Find a ProAdvisor.

Additionally, you can read this article for guidance to learn more about personalizing your reports in QuickBooks Desktop (QBDT): Customize reports in QuickBooks Desktop.

If you have any other questions about reports and accounts in QBDT, feel free to reply to this message. I'm here to help.