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Join nowI have a problem whereby, when I am printing up a P&L Statement for a particular year, the P&L doesn't include payments that were "received" (i.e. put into Undeposited Funds) the previous year (like on Dec 29, 30 or 31), but were then DEPOSITED into my Business Checking in January. Why aren't those deposits showing up on the P&L Statement?? What am I missing please??
Thank you for posting here in the Community, crmisci1.
The possible reason those deposits aren't showing up in the Profit and Loss Statement is the date range is incorrect. You'll have to make sure to choose the correct date before printing the report.
You can also check this article to learn how to customize reports: Customize reports in QuickBooks Desktop.
Leave a comment below if you need further assistance. I'm always here to help.
CharleneMae
Thank you very much for your reply. I have the correct date range. My exact issue is as follows:
Client comes in on December 20, 2018 to make a payment on an Invoice. I enter the payment on 12/20/2018, entering the payment into the "Undeposited Funds" Account on 12/20/2018.
Another Client comes in on December 30, 2018, and makes a payment. I do the same thing: enter the payment on 12/30/2018, entering the payment into the "Undeposited Funds" Account on 12/30/2018.
On January 7, 2019, I deposit both payments into my Business Account. I enter the deposit on my QuickBooks.
At the end of the year 2019, I run a P&L Statement for the entire year, but for some reason, the payments received in 2018, EVEN THOUGH THEY WERE DEPOSITED INTO MY BUSINESS ACCOUNT ON JANUARY 7, 2019, do not show up on the P&L.
Is there any way to fix this problem?? Thank you.
Let me share with you some information, @crmisci1.
Profit and loss is a useful report as it shows you your net profit (or loss) based on your Income & Expenses, and that can be used to come up with some cost-cutting strategies. A balance sheet is a statement of the financial position of a business that lists the assets, liabilities, and owner's equity at a particular point in time. Since the received amount is considered an asset it will be shown up on the Balance sheet report instead of P&L report.
Let me guide you on how to run a Balance sheet report:
This would do it, you can also customize your reports in QuickBooks.
Let me if you have additional questions by leaving a comment on this post, have a great day!
@Joseph_A, you didn't address the problem. I dont think you understand the question.
I have the same problem, checks received in one year, and deposited to a bank account in the following year dont show up in the P&L. But they DO show up in the balance sheet. This causes the P&L and balance sheet to disagree. There has to be a simple explanation.
Thank you for following up in this thread, censibleaccountant.
I'd like to share what I know about how money movement works in QuickBooks Desktop.
I suggest consulting an accountant to check how it should be recorded in QuickBooks. There possible reasons why the data shown on both reports are incorrect. Here are the possible reasons:
You can check these articles that'll surely answer some questions about the data shown on your financial reports:
Click the reply button below for follow-up questions about financial reports. I'll be here to help. Enjoy your week!
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