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CANELIBAR
Level 1

Profit and Loss Report Income Errors

After running last month's Profit and Loss Report after Reconciliation, I noticed that one of the deposits for the month, the very first on the 2nd day of the month, is not included in the Income Collected for the month. The Items are the same as other items, so it is definitely income and not taxes or something else. Any reason this deposit would not be reflected and income not counted? Account basis is correct, no filters changed when running the report. 

6 Comments
MaryLandT
QuickBooks Team

Profit and Loss Report Income Errors

Good day, CANELIBAR,

 

The deposit may have not been categorized correctly, and that's why it isn't reflected to the income account.

 

You'll want to check the transaction journal, then change the category from there. This is to ensure the deposit is counted as your income.

 

Let me show you how:

  1. Go to the Banking menu, then Use register.
  2. Choose the account where the payment was deposited to, then click OK.
  3. Click the deposit to open it.
  4. Select the correct income account in the From Account field.
    depositqbdt.PNG
  5. You can also click the Journal button to see the transaction journal entry of the deposit.

I've added this article to learn more about categorizing transaction in QuickBooks Desktop: Add and match Bank Feed transactions.

 

Let me know if you need additional information. Just tag my name and I'll be glad to help you out.

 

Thank you and stay safe!

CANELIBAR
Level 1

Profit and Loss Report Income Errors

All of the income was in the correct places. I undid the most recent reconciliation, unmade the deposit. Deleted all payments for the deposit and then recreated the payments and the deposit and then reconciled and it corrected. It had to be a glitch in the software. The invoices were all correctly labeled to the right income accounts, no different than any other invoices we make.

IamjuViel
QuickBooks Team

Profit and Loss Report Income Errors

Hello, @CANELIBAR.

 

There are two possible reasons why your Profit and Loss report shows a difference of $20,000 in your income versus your payment transactions.

  • You've received a payment directly through a bank deposit.
  •  The items in your invoices are not associated with the right income account.

You're right, the way to fix this is to manually compare the detailed income report in the P&L and check each customer's reported payment.

  1. Go to the Reports menu.
  2. Select Company & Financial, then choose Profit & Loss Standard.
  3. Double-click the income amount to open the Transaction Detail By Account report.
  4. Go to the Reports menu, select Sales, then choose the Sales by Customer Detail report.

From there, carefully locate the payment transactions that cause the mismatch of amounts in your P&L report.

 

Also, it's possible that 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.

CANELIBAR
Level 1

Profit and Loss Report Income Errors

Our business is not operated the way you are describing. We have invoices and certain payment items setup for our work product. Every single one is the same as it has always been. There should have been no disparity. I double checked dates, items on the invoices for payment. It was exactly as we do on a normal basis. It's just really strange and the only way to fix it was to back out and recreate each item. I basically duplicated the exact same invoices, then recreated the payments, then the deposit and reconciled and the P&L was correct. I made no other changes to any payment item or invoice other than duplicating.

ShiellaGraceA
QuickBooks Team

Profit and Loss Report Income Errors

Hi @CANELIBAR,

 

Let's check if it has something to do with your data. Let's run the verify and rebuild data integrity tool.

 

Here's how:

 

  1. Go File, then Utilities.
  2. Select Verify Data.

If you see "Your data has lost integrity", continue your troubleshooting steps by rebuilding your data.

 

  1. Go File, then Utilities.
  2. Select Rebuild Data.

Please check this article for details about: Verify and Rebuild Data in QuickBooks Desktop.

 

Once done, go back to checking your reports again. I'm also sharing our page about reports and accounting for future reference.

 

Should you need help with anything else, don't hesitate to reach out. The Community is here to help. Thanks for posting and have a wonderful day.

CANELIBAR
Level 1

Profit and Loss Report Income Errors

I DID THAT ALREADY AND EVERYTHING IS FINE. I HAVE ALREADY FIXED THIS ISSUE BY DUPLICATING INVOICES, DELETING ORIGINALS, RECREATING PAYMENT, REDOING DEPOSIT, RECONCILING AND RUNNING NEW REPORT. 

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