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Sousa1
Level 1

Savings not included in income

Income transferred from checking to Savings is not added to my Profit and Loss statement.
1 Comment 1
JamesDuanT
Moderator

Savings not included in income

Let's review why this is happening, Sousa1.

 

Pulling up the Profit and Loss report will only display the income and expense accounts. When you transfer the amounts from Checking to Savings account, it doesn't affect the data on your Profit and Loss report.

 

If the amounts on your Profit and Loss report are in correct, we'll need to review how the items are set up. We'll need to make sure that they are associated to the correct income and expense accounts.

  1. Select Sales on the left menu and go to the Products and Services tab.
  2. Look for the item and click Edit.
  3. Make sure the accounts in the Income account and Expense account fields are correct.
  4. If you change the affected accounts, you will see the Also update this account in historical transactions box. 
  5. Mark it if you want to update the historical data.
  6. Click Save and Close.

After that, you can go back to the Profit and Loss report. I'd recommend setting the correct Report period and Accounting method. Always click the Run report button if you apply different filters or conditions on the report.

 

Keep us posted if you have additional queries regarding this matter. I'll be around to further assist you. Have a great day!

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