I am trying to get the reporting correct by Class. My P&L Budget vs Actual report seems to be accurate but when I filter by Class I have vendor bills that are not showing anymore even when the Bill is marked correctly with the right Class?
Any help would be greatly appreciated.
Hello there, @tmullins.
I'm here to help share information about running the Profit & Loss Budget vs Actual report in QuickBooks Desktop (QBDT).
Transactions will just reflect on the report if there's a specific class assigned to each transaction or per line account. If the bill created has more than one line account, please ensure to assign a class to each line. It's possible that some of your bill or line account doesn't have a class.
In this case, you must double check the bill you've created that are not appearing on the report.
You see attached screenshots for additional reference.
On the other hand, to learn more about using class tracking in QBDT, you may check this article: How to Use Class Tracking in QuickBooks.
If you have any other questions about running reports in QBDT, don't hesitate to add a comment below. I'll be always here to help you however I can.
This has helped significantly. I knew I was missing something. I also have some Bills that are not entered on "Expenses" but are for items on the "Items" tab and I have marked that line specifically with the Class but it is not showing up in my P&L Budget vs Actual report?
Any ideas on that issue?
Hi there, @tmullins.
Please allow me to help share a little more information about the running the Profit and Loss report.
The Profit and Loss (P&L) report summarizes or shows your income and expenses to know whether your business is operating at a profit or loss.
When creating a bill under the Items tab/column, the accounts affected of the item are Accounts Payable and the account on the item selected (Service, Inventory, and others). However, when creating a bill under the Expenses tab/column, the accounts affected are Accounts Payable and the Expense account selected.
The reason why the bill entered under the Items column is not showing on the report because it doesn't affect any expense account.
On the other hand, to see all the bills you've created either under the Expenses or Items tab, you may run/open the Transaction List by Vendor report and make the necessary customization.
To open the report:
To learn more about running reports in QBDT, you can check this article: Understand reports.
Please feel free to add a comment below if you have any other QuickBooks questions, I'd be glad to keep helping. Have a great day ahead!
Thank you so much for your help. I understand the difference but I also see that the Item is assigned the Expense account of Cost of Goods Sold (COGS). The Bill expense for the items are showing on the P&L Budget vs Actual report, but it is not showing under the correct Class (even thought the class is assigned in the bill)?
Also, I have a few items that are showing under the correct Class, but most are not?
Thank you for your help.
Hello there, tmullins.
You'll want to check if the items are assigned to the correct class. After modifying the items, run again the Profit & Loss Budget vs. Actual report. If it's still showing on the wrong class, you can run verify and rebuild data to check possible data issues in your company file.
After running this tool, open the report again.
If you have further clarifications with your financial report, you can always reach out to me.
I am continuing to narrow down the problems, but still not able to get the Bills that have items to show under the correct Class. I have some that show correctly and some that do not. Does it have to do with how the items are setup? I am trying to figure out what it is in the item setup that is different, but can not seem to figure it out. Also, when I click on the Transaction Details in the Budget vs Actual Report, I commonly have Invoices show along with the Bills and I'm not sure why Invoices show since I would expect them to be an income source not an expense?
Your help is greatly appreciated.
There’s a possibility that the account used in the items doesn’t have budgets. That could be the reason why they’re not showing on the report. You might want to review your budget and check if these accounts are included.
If they are but still not showing, I’d recommend contacting the support team for further investigation:
Please visit us again if you have other questions about QuickBooks.