Skip to main content

Get 50% OFF QuickBooks for 3 months*

Buy now
Switch to QuickBooks and 70% off for 3 Months
Talk to Sales: 877-683-3280
Hours
Mon - Fri, 5am - 6pm PST
Sat - Sun, 7am - 4pm PST
Product support & help
Need help signing in?
C
carlosb
November 29, 2017
Solved

Long Term Liability

  • November 29, 2017
  • 4 replies
  • 5 views

Hello everyone!

I am here because I have a question regarding my Expenses Report. I have generated a report to find out how much we are paying for expenses every month.

I realized that my Long Term Liability as financial trucks and loan payments do not show up in the Expenses Report that's why we are not getting a correct amount. Is it because of its account type "Long-Term Liability and its Tax-Line Mapping is B/S-Liabs/Eq? 

 

Alson, in insights page, we are not getting the right amount because these payments made to these accounts do not show up. So, how can I get a report where shows me everything we have pay during that year, month or even week? I am new in this amazing world.

 

I hope I have explained in a proper way to get your amazing help!!!

 

Thank you,

      Best answer by Morgan_B

      Good afternoon carlosb,

       

      Thanks for reaching out in the Community for support. I'd like to lend a hand.

       

      For this situation, I would suggest running a Profit and Loss report instead of an expense report. The Profit and Loss report will recognize any payments that you've made, including the Long Term Liability account.

       

      I found a link for you that will break down the ins-and-outs of the Profit and Loss report: A Guide to Creating a Profit and Loss Statement.

       

      Try this out and let me know if there's anything else I can help with.

      4 replies

      Morgan_B
      Morgan_BQuickBooks TeamAnswer
      QuickBooks Team
      November 29, 2017

      Good afternoon carlosb,

       

      Thanks for reaching out in the Community for support. I'd like to lend a hand.

       

      For this situation, I would suggest running a Profit and Loss report instead of an expense report. The Profit and Loss report will recognize any payments that you've made, including the Long Term Liability account.

       

      I found a link for you that will break down the ins-and-outs of the Profit and Loss report: A Guide to Creating a Profit and Loss Statement.

       

      Try this out and let me know if there's anything else I can help with.

        D
        Debra_
        March 17, 2021

        In my quickbooks the long term liabilities do not show up on my profit and loss statements, hence none of those payments show up either.  Is there something that needed to be entered to get them to show up?

        JoesemM
        JoesemMQuickBooks Team
        QuickBooks Team
        March 17, 2021

        Thanks for joining this thread, @Debra_.

         

        The long-term liabilities will not show up in your Profit and Loss statement since this report will show your total income, your gross profit, expenses, and your net income or loss. To see the long-term liabilities you can pull up the Balance Sheet report instead to see all the money your company owes, etc. 

         

        Please note that you can pull up any Balance Sheet report to view your long-term liabilities.

         

        Here's how to pull up the Balance sheet report in QuickBooks Online:

         

        1. Sign in to your QBO account.
        2. Click Reports from the left menu.
        3. Enter Balance Sheet in the Search field.
        4. Select Report period.
        5. Click the Customize button and filter the necessary details.
        6. Click Run report.

         

        However, if you're using QuickBooks Desktop, you can follow the steps below on how to pull up the report.

         

        1. Go to the Reports menu and select Company & Financials and then choose the  Balance Sheet report you want to pull up.
        2. Select Customize Report.
        3. On the Display tab, from the Dates ▼ dropdown, select All.
        4. Select Refresh.

         

        For more details about the Balance Sheet report, you can check out this article: What is a Balance Sheet report?

         

        Let me also add these articles that you can utilize to seamlessly manage your reports and accounts in the future:

         

         

        Let me know in the comments below if you have other reporting concerns or any QuickBooks related. I'm just around to help. Take care always.

         

        A
        Anonymous
        December 4, 2017

        Hello @carlosb,

         

        That is a great question. First, is it a business or a personal loan applied to your business? It needs to be classified correctly in your Chart of Accounts.

         
        Instead of running an Expense Report, try running a Balance Sheet Report so you can see all of your assets and liabilities together. Hopefully, this is the information you are looking for.

         

        Just to double-check, do you mean track or truck? If you need to enter trucks as Fixed Assets, you can add them to your Chart of Accounts by following the same process as above.

         

        Does that help? 

          john-pero
          john-pero
          Level 12
          December 5, 2017

          With all due respect to staff, a P&L will not show payments of non-expense items from cash flow like liability reductions any more than borrowing the money in the first place would show as income. Liability payments or receipts never ever show in an expense report OR a P&L since they do not contribute to either. These item types will appear on the Balance Sheet, Statement of Cash Flow, Transaction Detail Bby Account

            A
            Anonymous
            December 5, 2017

            Hello @john-pero,

             

            I truly appreciate your candor and willingness to make a constructive correction. Would you mind expanding on your previous answer? Will @carlosb just have to run multiple reports or can he customize one to capture all the information he needs?

             

            Thanks!

              B
              betheas1
              March 5, 2019

              I have been making monthly payments on loans and our line of credit account (liabilities).  However, these monthly payments are not being reflected on my P&L as business expenses and so my net income is over-inflated.  I see the loans in my balance sheet, but need them to also be reflected in P&L Report.  Did I set up the loan and line of credit accounts incorrectly???  I reviewed the question previously submitted and not clear on the final resolution.  Please help.  Thanks.

                PureIllusion
                PureIllusion
                July 10, 2022

                We found the answer to be a report called Statement of Cash Flows.   

                The report displays Operating Activities and Financing Activities.  

                Operating Activities calculates Net Income from Net Cash by deducting costs associated with operations.  For us this shows subtraction of Inventory - Production Materials, Inventory Asset, Accounts Payable, State Sales Taxation, Long-Term loan payments.

                Financing Activities                 seems to show the net cash provided by financing activities.

                Cash at End of Period this is the cash at the end of the period.  

                We set the report period for the month for which we need data.  This provides us the Net Income from Profit and Loss, which is reconciled against reduction in Cash Out from monthly operations. 

                Ultimately, we get the Cash at End of Period for the given month in question. 

                Hope this helps someone.  

                A
                alanferg
                April 17, 2023

                I have the same problem and my only solution is to extract pieces of information from multiple reports. That's ridiculous for software as powerful as QuickBooks. We have two car payments and the vehicles are set up as fixed assets with the loan as long term liabilities. From what I can tell, this is the correct way to set up financed vehicles in QuickBooks. I'm even splitting the principal and interest when recording payments. But when I need to see what's going out monthly/quarterly/annually, there's no report in QuickBooks that gives me the true numbers (that I can find anyways). If my monthly expenses are $1,000 and my monthly car payments are $1,000 ($500 principal and $500 interest), QuickBooks P&L report tells me I have $1,500 in expenses. I understand why P&L is reported this way, but it's a PITA when I'm trying to find what's really going out each period.

                Need QuickBooks guidance?
                Log in to access expert advice and community support instantly.
                Terms & ConditionsAccessibility statement