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MWie
Level 1

Information not Showing up in P & L/ Balance Sheet

When I go to run my P & L & Balance sheet for 2019 it seems like my numbers are off. I don’t feel like all of my sales have transferred over. Also, I noticed my COGS is a negative number. When I dig into that deeper, I see that only my “Set Up Charges” are in there and not the actual merchandise (sales) I purchased (shirts, plaques, other items from vendors). 

Anyone have any thoughts as to why this could be happening? 

Solved
Best answer March 11, 2020

Best Answers
RenjolynC
QuickBooks Team

Information not Showing up in P & L/ Balance Sheet

Good day, MWie.

 

When sales are not showing up in a report, it's possible that the transactions are still sitting in the Undeposited Funds account. You'll want to check the transactions by following these steps:

 

  1. Go to Company > Chart of Accounts.
  2. Find the Undeposited Funds account in the Look for account name or number field. Then, click the Search button.
  3. Double-click the account to check if the transactions that were missing on the report shows up. 

If the transactions are the ones you are looking for, you can go to the Bank Deposit page and record them. Go to Banking > Make Deposit. I've got an article here for the instructions: Record and make Bank Deposits in QuickBooks Desktop.

 

For your COGS, let's make sure you have selected the correct account for each item. You can check this information by going to the item list page.

 

Here are the steps: 

 

  1. Go to Lists > Item List.
  2. Double-click each item and check to see the assigned account from the Account drop-down menu. Change the account if necessary.
  3. Click OK once done.

I've got this article for reference: Add, edit, and delete items.

 

Once done, run the Profit and Loss or Balance Sheet report again. 

 

Please keep me posted if you have any additional questions about the reports. Thanks.

View solution in original post

3 Comments 3
RenjolynC
QuickBooks Team

Information not Showing up in P & L/ Balance Sheet

Good day, MWie.

 

When sales are not showing up in a report, it's possible that the transactions are still sitting in the Undeposited Funds account. You'll want to check the transactions by following these steps:

 

  1. Go to Company > Chart of Accounts.
  2. Find the Undeposited Funds account in the Look for account name or number field. Then, click the Search button.
  3. Double-click the account to check if the transactions that were missing on the report shows up. 

If the transactions are the ones you are looking for, you can go to the Bank Deposit page and record them. Go to Banking > Make Deposit. I've got an article here for the instructions: Record and make Bank Deposits in QuickBooks Desktop.

 

For your COGS, let's make sure you have selected the correct account for each item. You can check this information by going to the item list page.

 

Here are the steps: 

 

  1. Go to Lists > Item List.
  2. Double-click each item and check to see the assigned account from the Account drop-down menu. Change the account if necessary.
  3. Click OK once done.

I've got this article for reference: Add, edit, and delete items.

 

Once done, run the Profit and Loss or Balance Sheet report again. 

 

Please keep me posted if you have any additional questions about the reports. Thanks.

MWie
Level 1

Information not Showing up in P & L/ Balance Sheet

Thank you very much! That helped clear up a lot. 

 

I do have one more question.

 

I have 1 bank account connected to Quick-books. Sometimes I pay a vendor with an account that is not linked to Quick-books and that has to be accounted for with a General Journal Entry. In the past we were able to indicate that $0 was paid which then changed the owed to $0 owed, but still was able to list the Bill as being Paid. The Bill Payment check would then say "Quick-books generated zero amount transaction for bill payment stub." Currently if we indicate $0 paid on the Bill Payment Check, it will not change the amount paid to $0 and it won't identify the bill paid. If we check the invoice that is due, it will automatically populate that amount being due. 

 

Do you know how to fix this? Maybe I did the steps wrong?

Adrian_A
Moderator

Information not Showing up in P & L/ Balance Sheet

You didn't do wrong, MWie.

 

It's possible that your vendor has available credit that comes from the General Journal Entry you've created. When this happens, the system will allow you to enter a $0 amount. The system will use its available credit as their payment.

 

When they don't have any credit left, you'll be prompted with No bills were paid because the Amt to Pay was 0 message.

 

Feel free to check these articles to know more how vendor credit works:

 

 

I'm always around if you still need help. I'm here to hep you!

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