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Sunny93117
Level 2

po

  1. I am new to QBO and a bit confuse.  I created a PO, put  Acccounting-Bookkeping under Product/Services.  Created the bill and pay it.  When I looked at my P&L the expense was under Purchases not on the  Acccounting-Bookkeping . I thought if i created a PO and add  Acccounting-Bookkeping, this expense will be in my P&L but it;s not...why did it go tho Purchases. Please help.
Solved
Best answer May 05, 2021

Best Answers
GlinetteC
Moderator

po

Thanks for getting back to us and providing additional details on this, Sunny93117. I can help share some insights about why you haven't seen the Update historical transaction box.

 

In QuickBooks Online, you can only use the Also update this account in historical option when changing a non-inventory or service item. I've attached a screenshot for your visual reference:

 

For additional reference about managing your products and services, check out these articles:

 

Keep me posted if you need anything else. I'll be here to help.

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3 Comments 3
DivinaMercy_N
Moderator

po

Welcome to the QuickBooks Community, @Sunny93117.

 

I can share steps to help you fix the data in your Profit and Loss report. To start, let's first check the Expense account associated with your Acccounting-Bookkeping item. It should be set under the Acccounting-Bookkeping account. Here's how:

 

  1. Go to the Sales menu and choose Products and Services.
  2. Look for the Acccounting-Bookkeping item.
  3. Click Edit.
  4. Scroll down and check the Expense account. If you see Purchases, click the drop-down arrow and change it to Acccounting-Bookkeping account. PL1.PNG
  5. ​​​​​​If you haven't created an account for that, simply select the +Add New option. Then, refer to this article for guidance:  Add an account to your chart of accounts.
  6. To apply the changes made, check the box that says Also update this account in historical transactions.
  7. Then, Save and close.  PL2.PNG

 

Next, let's go back to your Profit and Loss report to check if you now have the correct data. Let me guide you how:

 

  1. Click the Reports menu.
  2. Scroll down to the Business overview section.
  3. Click Profit and Loss Detail report.
  4. From there, see the Expense section and look for the Bill under Acccounting-Bookkeping account. PL4.PNG

 

Also, QBO offers a lot of vendor ready-made reports to track your expenses. To get started, simply go to the Reports menu and scroll down to the What you owe section. From there, click whichever vendor report you'd like to open

 

Don't hesitate to get back to me if you need further assistance in managing your reports in QuickBooks. I'll be always around to help. Keep safe.

Sunny93117
Level 2

po

Thank you.  I corrected it but I do not see the tab for Update Historical Transaction...does it mean my QBO is not up to date? for now i will try to update manually to get my P&L corrected.

GlinetteC
Moderator

po

Thanks for getting back to us and providing additional details on this, Sunny93117. I can help share some insights about why you haven't seen the Update historical transaction box.

 

In QuickBooks Online, you can only use the Also update this account in historical option when changing a non-inventory or service item. I've attached a screenshot for your visual reference:

 

For additional reference about managing your products and services, check out these articles:

 

Keep me posted if you need anything else. I'll be here to help.

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