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stevesl007
Level 2

My paid invoice exceeds all expenses, but QB reflects a loss... what gives?

 
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Best answer January 31, 2021

Best Answers
stevesl007
Level 2

My paid invoice exceeds all expenses, but QB reflects a loss... what gives?

I have discovered the answer to the problem of not seeing paid invoices being shown as revenue in QB Self-employed. The "problem" is that the Invoice Module in Self-Employed DOES NOT integrate with the Transactions module, used in developing the Income Statement(!).  In order for the revenue to be recognized in Transactions, the receiving account must be included in "Accounts". When the paid, shown as a deposit in the account, is shown in the bank account, the Transaction will be displayed and incorporated into the Income Statement. If the Invoice is cashed, rather than deposited in the linked Account, a MANUAL Transaction will be required to record the revenue.  

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5 Comments 5
CharleneMae_F
QuickBooks Team

My paid invoice exceeds all expenses, but QB reflects a loss... what gives?

I'm here to share the steps on how we can fix this, stevesl007.

 

Incorrect reporting period could be a reason the report is showing different amounts. We'll have to ensure we selected the correct date.

 

Here's how:

 

  1. Go to the Reports menu.
  2. Select Profit and Loss.
  3. On the Last year drop-down menu, select the correct date.
  4. You can also click Custom date to customize the period.
  5. Click View to see the report. 

 

If the same thing occurs, let's perform basic troubleshooting steps to resolve the issue. This helps us to determine if this is a browser-related issue. 

 

To begin, I suggest logging in to your QuickBooks Self-Employed (QBSE) account via a private window. Here are the keyboard shortcuts: 

 

  • Safari: Command + Shift + N 
  • Google Chrome: CTRL + Shift + N
  • Mozilla Firefox or Microsoft Edge: CTRL + Shift + P 

 

Once signed in, run the report. If it works, let's clear the browser's cache. This improves the performance of the program.

 

I also recommend using different browsers. They'll provide you the best and most secure experience with QuickBooks. For more details, please see this article: System Requirements for QuickBooks.

 

Additionally, I'm adding this article to help you review and download your transactions to keep your financial data in QBSE accurate: Export Transactions and Get Reports.

 

I encourage getting back to this thread if you have follow-up concerns regarding self-employed reports or other inquiries.

stevesl007
Level 2

My paid invoice exceeds all expenses, but QB reflects a loss... what gives?

Thank you for your quick reply and suggestions. I have confirmed that the P&L Report is the current year to date and still the revenue of the 1st invoice (1000), issued 1/25/2021 and paid 1/29/2021, does not show as revenue. All I see are expenses in the Income Statement.

 

Note that I see the same results on both the website using Chrome under Windows 10 and on the iPhone application.

 

The invoice is shown as created on January 25, 2021 and paid on January 29, 2021. 

 

Thanks! 

MaryLandT
Moderator

My paid invoice exceeds all expenses, but QB reflects a loss... what gives?

Let me provide other insights to check the status of your income and expenses, stevesl007.

 

QuickBooks Self-Employed helps you track your self-employed income and expenses. And, it's important to add all your transactions so you have accurate records in the system.

 

Aside from checking the reporting period, you also need to review if transactions are correctly categorized. It organizes your income and expenses so you know what areas of your self-employed business have the biggest impact. Learn more about categories in QuickBooks Self-Employed.

 

I've added these links for future reference:

Keep me posted if there's anything else I can help you with your business reports. I'll be right here to help you.

stevesl007
Level 2

My paid invoice exceeds all expenses, but QB reflects a loss... what gives?

Thanks very much for your attentiveness and suggestions. I also notice that an invoice (1001) I issued today is not showing up as issued and outstanding. I may be reaching here, but perhaps there are background processes that have to run to get the transactions "posted" in QB. I am hoping that the entries will show up on Monday. 

 

Thanks again for your help.

 

Best,

stevesl007 

stevesl007
Level 2

My paid invoice exceeds all expenses, but QB reflects a loss... what gives?

I have discovered the answer to the problem of not seeing paid invoices being shown as revenue in QB Self-employed. The "problem" is that the Invoice Module in Self-Employed DOES NOT integrate with the Transactions module, used in developing the Income Statement(!).  In order for the revenue to be recognized in Transactions, the receiving account must be included in "Accounts". When the paid, shown as a deposit in the account, is shown in the bank account, the Transaction will be displayed and incorporated into the Income Statement. If the Invoice is cashed, rather than deposited in the linked Account, a MANUAL Transaction will be required to record the revenue.  

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