Hello there, Khurrum. I know that this is challenging on your part. Let me share an insight on how you can view your prepayments and the bills charged in your Profit and Loss report.
Since you mentioned that you can't view the adjusted amount of your prepayments, this is because of the accounting method you used when running the report. Please know that there are two types of accounting methods: the accrual method and the cash basis method.
In the accrual method, income and expenses are recorded when they’re billed and earned, regardless of when the money is received. Thus, the full amount of the prepayment will be shown. On the other hand, on a cash basis, income is recorded when it's received, and expenses when they're paid. With this, the bill charged that is already paid will be seen on the report.
In this case, I suggest switching from accrual to cash to view the paid bills on your end. Here's how:
- Go to Reports.
- Select Profit and Loss under the Favorites menu.
- Choose the desired report period and other preferences.
- Select Cash under the Accounting method.
- Click Run Report.
You can visit this article for more details on managing your reports: Run reports in QuickBooks Online.
Moreover, you can check out this link to learn how to customize your reports based on your preference: Customize reports in QuickBooks Online.
Send us a comment or a reply if you have other QuickBooks-related concerns. I'm always here to assist you 24/7. Have a great day!
