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Lecker
Level 2

question re entering gross sales after the net has been recorded

My client runs a Trucking Business. After we recorded net income from checks downloaded from their bank, they decided that they would have been better off recording gross sales less expenses withheld by the trucking company so as to have the balance sheet look better.

How do I go back, enter the gross sales, less the expenses so that it does not affect the P&L created in Jan 2020 but will appear in the balance sheet.

 

Solved
Best answer April 12, 2020

Best Answers
Maybelle_S
QuickBooks Team

question re entering gross sales after the net has been recorded

It's awesome to see you here in the Community, @Lecker.

 

Let me share some insights about the difference between the Balance Sheet and Profit and Loss.

 

The Profit and Loss account is the statement of income and expenses which shows the net profit and loss for the particular period while the balance sheet is the statement of assets, liabilities, and capital which showing the actual financial position of an entity.

 

If you wish to re-enter your sales transactions you can undo the bank transactions, and deposit it. After that, deduct the expenses the result should be negative.

 

Also, you can visit our Income and expenses page to learn some tips on managing your expenses in QuickBooks.

 

Please, leave a comment below if you have additional questions. I'll be right here to help.

View solution in original post

1 Comment 1
Maybelle_S
QuickBooks Team

question re entering gross sales after the net has been recorded

It's awesome to see you here in the Community, @Lecker.

 

Let me share some insights about the difference between the Balance Sheet and Profit and Loss.

 

The Profit and Loss account is the statement of income and expenses which shows the net profit and loss for the particular period while the balance sheet is the statement of assets, liabilities, and capital which showing the actual financial position of an entity.

 

If you wish to re-enter your sales transactions you can undo the bank transactions, and deposit it. After that, deduct the expenses the result should be negative.

 

Also, you can visit our Income and expenses page to learn some tips on managing your expenses in QuickBooks.

 

Please, leave a comment below if you have additional questions. I'll be right here to help.

View solution in original post

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