Hello!
I rent a food truck and I was recently looking into applying for a loan to buy another food truck and when my business advisor asked to see my profit and loss statement, I noticed that it our income was way off as of today our net sales are somewhere around $150,000 for the year but Quickbooks shows an income of $185,000. I have my Square and Quickbooks account linked up so square links up my bank deposits at the end of each day.
My issue is that I believe these "sales" that I am matching include both tips and taxes along with the actual sale numbers for the day.
Example: Total Deposit = $1000
Net Sales = $800
Tips = $100
Sales Tax = $100
When I run the profit and loss statement, the $1000 shows as income? When I label tip payments "Square Tips" under "other liabilities" it still does not subtract from that total since it's not an expense.
Thank you in advance!!!!