Experienced Member
This widget could not be displayed.

Report showing actual income, not invoices

We invoice all our customers monthly. When I generate a profit & loss report, it shows all the invoices as income. How can I get a report showing actual income? Thanks

Solved
BRC
Established Community Backer ***
This widget could not be displayed.

Re: Report showing actual income, not invoices

The invoices are income.  Actual income.

 

If you don't want to see your AP expenses or your AR income until each are paid,  switch the basis to cash basis in the P&L.

Established Community Backer ***
This widget could not be displayed.

Re: Report showing actual income, not invoices

And don't overlook your Sales reports. Example: Reports menu > Sales, Sales by Customer Summary, Columns by Item Type, set for Cash Basis.

Established Community Backer ***
This widget could not be displayed.

Re: Report showing actual income, not invoices

Actual income is usually the same amount you bill to customers, just timing differences usually. 

Super Contributor *
This widget could not be displayed.

Re: Report showing actual income, not invoices

Is "Sale by Customer Summary" a more accurate way of looking up income for the year? Because the total income on the "Profit & Loss" report is different then "Sale by Customer Summary"

Established Community Backer ***
This widget could not be displayed.

Re: Report showing actual income, not invoices

Ultimately Sales/Revenue/Income = Amounts Billed/Paid by Customers, agree?

The difference between reports is usually a matter of timing and how you run reports.

 

For example,

P&L run on a cash-basis will only include revenue where you have already received cash.

Accrual-basis would include revenue that you have billed to customers who have not paid yet.

Sales by Customer Summary should match one of those P&L's, so you can see the differences.

BRC
Established Community Backer ***
This widget could not be displayed.

Re: Report showing actual income, not invoices

@Teri 

RE: Ultimately Sales/Revenue/Income = Amounts Billed/Paid by Customers, agree?

 

No.  Sales and income are not the same thing.  Similarly Bills and expenses are not the same thing.

 

Income includes things like Interest income, deposits for things other than sales, and so on - where many of these things are either not sales or not usually tracked as sales in QB.

 

Expenses include things like depreciation, petty cash, credit card charges and so on - none of which are usually tracked using Bills.

Super Contributor *
This widget could not be displayed.

Re: Report showing actual income, not invoices

Is there a report in Quickbooks for total money received? (I don't want this report to minus discounts or sales tax) I just want a report for all checks received with no deductions. 

Established Community Backer ***
This widget could not be displayed.

Re: Report showing actual income, not invoices

Total money received is the Cash that you received so would be after discount since that is what you received (if you offered discounts).  Sales tax would be added to amount if you bill for sales tax.

Established Community Backer ***
This widget could not be displayed.

Re: Report showing actual income, not invoices

Customer Sales = Customer Revenue

Other Income = Other Revenue

 

First two are from customers.

Second two are not.

Super Contributor *
This widget could not be displayed.

Re: Report showing actual income, not invoices

Is there such a report?

QuickBooks Team
This widget could not be displayed.

Re: Report showing actual income, not invoices

Good day, @Vitan.

 

I can help you run a report that shows the total money receive including the discounts and sales tax.

  1. Click Customers.
  2. Choose Customer Center.
  3. Select the Transactions tab.
  4. Go to Received Payments .
  5. For the Filter, select Checks.
  6. Click Run Reports button and select View as a Report.
  7. Once the report is ready, you can customize it.

That should do it. Keep me posted if there's anything else you need about reports. Just mention my name or add a message below. Have a good one.

Super Contributor *
This widget could not be displayed.

Re: Report showing actual income, not invoices

This is wonderful and exactly what I need, except for the fact that I switched to Online Quickbooks at the beginning of last year. Having a bit of a hard time with it. Seems completely different than the Desktop Version. Is this sort of report available in the Online Version? Can't seem to find it.

QuickBooks Team
This widget could not be displayed.

Re: Report showing actual income, not invoices

Thanks for the prompt response, @Vitan.

 

Allow me to join the conversation and help you pull up a report that would show the total money received in QuickBooks Online.

 

From the All Sales tab, you have the option to filter the data by Money received and print the list or export it to Excel. Here’s how:
1.    Go to Sales from the left navigation and select All Sales.
2.    Click the Filter drop-down and choose Money received as the Type.
3.    Select Status, Date, and Customer, then click Apply.
4.    Once done, click the Export icon to export it to Excel or the Print icon to print the list.

 

Money received.PNG

 

These steps should get you the data you need. Please update me on how it goes. If you have additional questions, leave a reply below. I’ll be more than happy to help. Have a great day!

BRC
Established Community Backer ***
This widget could not be displayed.

Re: Report showing actual income, not invoices

@KhimG 

RE: Allow me to join the conversation and help you pull up a report that would show the total money received in QuickBooks Online.

 

Except your report doesn't do that.  It does not include money received in deposits, Journals that act like deposits, and any number of other transactions that are excluded from Sales reports.

Established Community Backer ***
This widget could not be displayed.

Re: Report showing actual income, not invoices

BRC - It is considered not best practice to not use proper accounting journals to get best results on any system.  Meaning not using JE's for Deposits when there is a function for Deposits that ties to other proper Journals like Revenue, AR and Cash Receipts where one would expect cash entries. Deposits are not Revenue until they are connected to a customer invoice for a legitimate "sale." Sales Reports show Sales, not journal entries or random bank deposits with no customer invoice.