Using Savings/checking for an income line on P&L

GraceFellowship · ‎July 28, 2021

Hello all,

Here is my situation: Our board wanted to use some of our savings account balance to be used as a "other income" on our P&L to offset some of our expenses for the year. I have no idea how do this in quickbooks. I was thinking some sort of General Ledger entry but not sure how that would play out. It probably isn't a normal accounting practice but if there are ideas out there I would greatly appreciate it.

BigRedConsulting · ‎July 28, 2021

There isn't a way to do this directly, as it would be completely inappropriate. Balance sheet account balances never appear on a P&L.

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BigRedConsulting · ‎July 28, 2021

There isn't a way to do this directly, as it would be completely inappropriate. Balance sheet account balances never appear on a P&L.

GraceFellowship · ‎July 28, 2021

Thanks for the quick reply. So I should just notate on the report that even though we appear under budget from a cash flow perspective the money we set aside from our savings is what balanced the budget out?

I can export the report to excel from quickbooks and then just add in the money into that line item to show the budget as a closer balance. I am not sure exactly how to create the report to reflect what they are looking for.

It really isn't a P&L at this point since the budget was first initially developed to use savings to cover some expenses this year.

GraceFellowship · ‎July 28, 2021

Thanks for the quick reply.

I guess I don't really have a P&L at this point. The budget was designed to use some savings to cover expenses when it was approved. I guess I can just export to excel and type in the number manually so the report looks easier to read.

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Using Savings/checking for an income line on P&L