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Sales & Customers
Hi there,
I appreciate you reaching out to the Community. It's vital you're able to see your invoices in the Profit and Loss report. Don't worry, I'd be glad to give you a hand with this.
Since QuickBooks Online is easy to navigate, figuring out why your invoices aren't included in your P&L involved easy steps after checking to make sure you're running the P&L using the correct dates. The first item that should be checked is how the accounting basis is set for the Profit and Loss report.
Note: The difference between cash basis and accrual basis reporting is how the date is determined for reporting the income or expense. After you've verified this, proceed with running the report using the steps below:
- From the left menu, select Reports, then Profit and Loss.
- Select Customize.
- On the Customize report window, set Accounting Method to how you want the income/expense reported.
- Select Run report.
Things to know when you run a report:
- With invoices and received payments, the revenue information is contained in the invoice.
- With bills and bills payment, the expense is tracked by the bill.
- The cash basis reports will use the invoice/bill date.
For more useful info on this, I recommend checking out this article here: Accounting method and the P&L. In case you have other questions, feel free to contact our support team using this link here. Otherwise enjoy the rest of your week and stay safe!
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Sales & Customers
Hello @russell_darling ,
I understand you're not seeing your posted invoices showing up as sales on your P & L. There are a few things you could check to maybe solve this issue.
- Ensure that all of the lines in your customer invoices are posting to an income account, or the products or service items that you are using are set up correctly to link to an Income account for sales, and an expense or COGS account for purchases.
- Go to Gear Icon --> Settings --> Company Settings --> Company --> Accounting Method and make sure you are using the Accrual accounting method. If you are using the Cash accounting method, then your sales won't show up on your P & L until you collect the money. Cash accounting is not allowed in Canada, as a rule, with very few exceptions (farmers and fishermen, for example).
- Also ensure that your Sales Tax codes have a reporting method of Accrual rather than Cash. I'm not quite sure why QBO has made it possible to have one or the other. That can screw things up badly for your taxes.
Those are the only reasons I can think of why your sales invoices wouldn't be showing up on your P & L. Perhaps someone else will jump in if they can provide any other things to check.
Good luck!