Hi, Why is posted income partially mapped to BS & IS when only one account was used for posting? Thanks

It's possible that a balance sheet account was affected when you recorded the transaction, mrizvi.

You'll want to check the transaction journal to see what accounts are affected.

Here's how:

1. Open the transaction you've recorded.
2. Click More located at the bottom.
3. Select Transaction journal.

I've got a sample screenshot of a sales receipt for reference:

For more information about the balance sheet report, check this article: What is a Balance Sheet report?.

I'm here if you have any additional comments. Thanks. 

Thanks for prompt response Jenjolyn C.

 Only one income accounts was used for booking  the credits. Income account 3214 is defined as “Income” in chart of accounts.

 In BS, I see account 3214 included under section of "Bank Accounts" with a credit balance and also see the same account 3214 in Income Statement as Income.

 I posted 12 JEs in 2018 for recording income. Each JE had 3 income line items (credits), that is, Money Market ,Dividends, and Interest income, all credits  to 3214 income account. The offset was one debit line item to Bank account 1124.

First income line for each JE for the month somehow got posted as income to P&L and others as credit to “Bank Deposit” in Balance sheet  via  the same account # 3214-Investment Income.

Thank you.

Hello there, @mrizvi.

The steps provided by my colleague to check the transaction journal is used for normal transactions in QuickBooks. Since you enter JE, I recommend consulting your accountant for further guidance in recording your journal entry, as well as to verify what accounts to use. 

Additionally, the transactions you see on the reports depend on the information you entered and the accounts selected.

You can check the following link to view all the JEs and print it: Journal Entry report. 

Let me know in the comment section below if you have any other questions. It'll be always my pleasure to help.

 

Thank you for your response. I am an account myself. JEs that I have pasted are basic. Please see the screen prints.

Thanks for clarifying that out for me, @mrizvi.

Similar account names are likely the reason why the 3214 Investment Inc-SS is showing as an asset. When creating the entry, there's a possibility that an incorrect account was selected.

To verify this out, have the Chart of Accounts checked and see if it's duplicate. If so, change the name of the account to avoid confusion on your future transactions. If the account isn't necessary to use, you can make it inactive.

Know that I'm still to assist you if you need anything else. Just leave a reply below, and we'll take it from there. Have a good one!

Hi BettyJaneB,

Before posting a canned response, you should have at least looked at the  screen prints and Journal Entry screen print in particular. Is it not clear that I am using only one Income Account (3214)?

Either I am inadvertently activation some criteria that is causing the same account to be mapped as an  Asset (BS) & Income (IS)  or there is some bug in software!

Could you or someone else in the team please study the screen prints and post a logical reply?

Thanks in advance.