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KStephan17
Level 1

Undeposited Funds

Our company took in a large amount of credit card payments in May.  I created invoices for each of the customers and then posted those payments. I grouped those payments as deposits and saved them. I just reconciled that account as well.  Then I tried to run a Profit & Loss Statement. Those payments are not showing up as Income. 

I reviewed the deposits and they still show the account as "Undeposited Funds". I checked the balance on my "Undeposited Funds" account and it shows a $0 balance. How can I get those payments to show up as income on my P&L Statement?

1 Comment 1
ZackE
Moderator

Undeposited Funds

Thanks for joining the Community, KStephan17.

 

Payment transactions don't appear on Profit & Loss reports because they don't use income accounts. Instead, they're used to pay invoices that use income accounts. If you're recording your payments as deposits, you can use an income account for the deposit, then it will show up on your P&L report.

 

You'll also be able to find many detailed resources about using QuickBooks in our help article archives.

 

Please don't hesitate to send a reply if there's any additional questions. Have a lovely day!

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