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Level 1

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Long Term Liability

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,

Solved
Best answer 11-29-2017

Best Answers
Content Leader

Solved

Long Term Liability

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: https://community.intuit.com/questions/1637601.

 

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

View solution in original post

12 Comments
Content Leader

Solved

Long Term Liability

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: https://community.intuit.com/questions/1637601.

 

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

View solution in original post

Anonymous
Not applicable

Solved

Long Term Liability

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? 

Level 12

Solved

Long Term Liability

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

Anonymous
Not applicable

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Long Term Liability

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!

Level 1

Solved

Long Term Liability

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.

Level 1

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Long Term Liability

I am having the exact same problem. Makes zero sense why long term liabilities (ie mortgage loan notes are not classified as an expense on profit and loss.). We are having to pay money. Therefore it’s an expense. Hopefully someone has an answer. 

Level 1

Solved

Long Term Liability

Thanks. Your statement makes sense. But still looking for a monthly report that is profit and loss with my mortgage payment added in. 

Moderator

Solved

Long Term Liability

Hello SAR801,

 

Though loan payments are cash outs from your bank register, they still won't show on your Profit and Loss reports. Just like what john-pero said, it doesn't affect the expense accounts.

 

Instead, we can pull up the Transaction Detail by Account report and customize it:

  1. Open the Transaction Detail by Account report.
  2. Click the Customize button and go to the Filter section.
  3. Filter the Distribution Account and Account fields. This includes the affected account of the mortgage payment.
  4. Click Run report.

That is the closest workaround that I can think of to show your mortgage payments and other expenses in one report.

 

We'll get back to you if you have other concerns.

Level 12

Solved

Long Term Liability

The principal reduction of any loan liability is never an expense and since it is not an expense is never calculated in profit or loss. The use of those funds may format not be an expense but those are separate transactions.

 

Think of the reverse. Would you wish to claim as taxable income the money you borrow? No you would not.

 

Another illustration of this concept is credit cards. Your expense happens when you charge and your card balance increases as you have borrowed short term from the card company. When you pay the monthly bill it is not an expense - only loan reduction. A mortgage or operating loan works the same way. You deposit working capital as a liability and then expense it. If you purchase a depreciable asset it is not a current expense but is expensed over time through depreciation or amortization which is a year end separate paper transaction purely for taxes. You can split up the known depreciation on a monthly basis but due to co lingual changes in fax law and what you might be able to deduct each year I would hold off on booking depreciation until tax time and let the tax CPA handle it.

Level 1

Solved

Long Term Liability

I understand your question completely.  There is no canned report (or contributed report, that I have found, anyway) that will include both P&L and Balance Sheet accounts.  The way I solved this issue, because we have a loan and multiple shareholders that receive distributions, both of which show up on the Balance Sheet, was to create a custom report, export to Excel, and modify.

Go to: Reports, Custom Reports, Summary, under the Modify Report window that pops up, in the "Display columns by" choose month, year, quarter, etc., for the time period you want, then in  "Display rows by" choose Account List, click on the Filters tab at the top, in the CURRENT FILTER CHOICES box on the right, choose the "Account Filter" and scroll clear to the top of the list and choose All Accounts.  Then click OK and you can actually choose the Dates, From and To, here. You can also change the Show Columns option here to view numbers by month, etc.  **Please note that many of the Balance Sheet Accounts will be Cumulative, based on inception date of your company, for items such as Assets, Member's Equity, etc.  But, since you won't need many of these for your purposes, you can either hide or delete the rows in Excel.  Truly, the only way to get at the TOTAL monthly expenses, which includes your loans on the Balance Sheet, will be to either run both reports and modify in Excel or run a custom report and modify in Excel.  Good luck - many of us out here understand and appreciate your need and the pain that comes along with it!

Level 1

Solved

Long Term Liability

I agree, it is terrible how there is no report I can run that will allow me to add my monthly long term liabilities to my profit and loss report.  I have several rental properties and need to insure each property is making money and the monthly loan payment is an expense.  I need a means to include this in my profit loss report as an expense so I can see true cash flow. 

Anonymous
Not applicable

Solved

Long Term Liability

I'm here to help pass this along in my end, @Mattman8.

 

I can see how important this report would be in managing your business. Letting us know what works best for you will show our developers what they need to consider in future product updates.

 

In the meantime, the only way to customize the preferred report is to export and modify it in Excel as suggested by other users. 

 

Let me include the following related articles below.

 

Export report from QuickBooks Desktop to Microsoft Excel

 

Export your reports to Excel from QuickBooks Online

 

Should you need anything else or if you have additional questions about reports, do let me know. I want to help however I can.

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