Can I amend a customer invoice, after it has been paid, to change the account heading it appears under in the chart of accounts?

ccf2 · ‎September 15, 2022

When I go into the Invoice and click on the account name that appears under the QuickBooks heading "Account", a new screen appears but without the heading "Account". So I can't change the account name. I'm still a novice when it comes to understanding how QuickBooks works. What am I doing wrong?

ccf2 · ‎September 26, 2022

Thank you, Divina_N for all that knowledge.

I now realise that the Income account that is was trying to amend the Invoice to, was not assigned to any Product/Service. And I was trying to input the Income account into the Invoice instead of the Product/Service.

Would you be able to explain the logic behind having a Product/Service inputted into each Invoice?

It would suit us better to be able to be able to just input the Income account into an Invoice.

In this case, I ended up creating a new Product Service and I used the same Name for the Product/Service, the Category and the Income Account. So 3 separate items created, all called the same name, just to be able to send an Invoice and have it recorded under the correct heading in the P&L.

What am I missing regarding the logic around this? The Quickbooks manual I have does not explain why all this work is necessary to create an Invoice. I would be very grateful if you could explain it to me please? Thank you.

View solution in original post

Kurt_M · ‎September 26, 2022

Hi there, @ccf2. I've got you covered, and I'll discuss further details on why it's a must to set up an income account on your product and services in QuickBooks Online (QBO) account.

Here in QBO, whenever you add a product and service to your business, you'll also have to set up an income account for those items you've entered. This way, when creating an invoice for those items you've sold or services you rendered to your customers, QuickBooks will know where to allocate the income you earn from those items.

Also, it's an effective way to track your earnings since the figures from your income account will reflect when you run the profit and loss reports to see how your business is doing.

See this article for further guidelines on how to set an income account for a product or service in QBO: Add product and service items to QuickBooks Online.

In addition, I've got you this article to help you track your inventory here in QBO: Set up and track your inventory in QuickBooks Online.

You can also check this article about customising a report to show specific data in QBO: Customise reports in QuickBooks Online.

@ccf2, It's always a pleasure to have you here in the Community. If there's anything else that you'd like me to help you with, or if you need assistance performing specific tasks in QuickBooks. Know that you can always get back to me anytime. I'll be more than happy to help you out again. Take care, and enjoy your journey here in QuickBooks!

View solution in original post

Rea_M · ‎October 21, 2022

Welcome back to the Community, @ccf2.

Yes, you can only have one income account per product or service item in QuickBooks Online (QBO). This way, you can keep your income transactions organised and track them accordingly.

Whenever you're ready to add a new product or service item in QBO, you can refer to this article for the complete guide: Add product and service items to QuickBooks Online.

Also, you can use reports to get helpful insights on the things you buy and sell and the status of your inventory in QBO. You may want to check out this article as your reference to know which one to run depending on what kind of info you want to see: Use reports to see your sales and inventory status.

Let me know if you have other concerns about managing items and income transactions in QBO. I'm always here to help. Take care, and I wish you continued success, @ccf2.

View solution in original post

Adrian_A · ‎September 15, 2022

Hi ccf2,

I've got your back on how you can modify the account of the invoice payment.

Let me guide you with these steps:

From the Sales tab, select Customers.
Select the customer's name.
On the Transaction List tab, select the invoice payment that you want to modify.
Select the correct account on the Deposit To field.
Click Save and close.
Select Yes.

If you want to have a visual flow of your customer-related transactions, you can run a report like Sales by Customer Detail. You can check these articles as your references:

Please don't hesitate to mention my name whenever you have questions. I'll be around.

ccf2 · ‎September 21, 2022

Adrian_A ,

I might not have worded my query in the best way.

It is not the Bank Account that I am trying to change on the invoice.
What I am trying to change is the account heading that this Income appears under in the Profit & Loss.

I am relatively new to Quickbooks.
The P&L heading I want, appears on the P&L, but does not appear in the drop-down list within the Invoice.

I can't figure out why.

Regards

Pat
ccf2

DivinaMercy_N · ‎September 21, 2022

Thanks for the clarifications, @ccf2. I got here the steps to ensure you'll be able to change the account where an invoice is allocated when running the Profit and Loss report.

To start, let me discuss some information about this.

In QuickBooks Online (QBO), the account under where your invoice is when viewing a report such as Profit and loss depends on the Income account assigned to the product or services added to the transaction.

To change the account heading that appears on the report and in the Chart of Accounts, you simply need to edit the Income account of the item of the invoice. Here's how:

In your QBO account, navigate to the Sales menu and select Product and Services.
From there, look for the item and click the Edit option.
Scroll down to the Income account section and choose the desired account.
To ensure the changes will be applied to the previously created invoices, check the Also update this account in historical transactions box (only applicable to non-inventory and service items).
When done, click Save and close.

For reference, feel free to check this article: Change the account for a product/service item.

Once done, check the invoice again to see if it now belongs to the desired account heading. If not, you may want to recreate the transaction using the item with an updated income account.

Additionally, the program also makes it easy to modify the sales forms' contents so you can control what information will be shown. To get started, visit this link: Customise invoices, estimates, and sales receipts in QuickBooks Online.

Please let me know how this goes. I'm always here ready to help if you have any other follow-ups about managing your invoices. Feel free to add a comment below. Have a great day ahead.

ccf2 · ‎September 26, 2022

Thank you, Divina_N for all that knowledge.

I now realise that the Income account that is was trying to amend the Invoice to, was not assigned to any Product/Service. And I was trying to input the Income account into the Invoice instead of the Product/Service.

Would you be able to explain the logic behind having a Product/Service inputted into each Invoice?

It would suit us better to be able to be able to just input the Income account into an Invoice.

In this case, I ended up creating a new Product Service and I used the same Name for the Product/Service, the Category and the Income Account. So 3 separate items created, all called the same name, just to be able to send an Invoice and have it recorded under the correct heading in the P&L.

What am I missing regarding the logic around this? The Quickbooks manual I have does not explain why all this work is necessary to create an Invoice. I would be very grateful if you could explain it to me please? Thank you.

Kurt_M · ‎September 26, 2022

Hi there, @ccf2. I've got you covered, and I'll discuss further details on why it's a must to set up an income account on your product and services in QuickBooks Online (QBO) account.

Here in QBO, whenever you add a product and service to your business, you'll also have to set up an income account for those items you've entered. This way, when creating an invoice for those items you've sold or services you rendered to your customers, QuickBooks will know where to allocate the income you earn from those items.

Also, it's an effective way to track your earnings since the figures from your income account will reflect when you run the profit and loss reports to see how your business is doing.

See this article for further guidelines on how to set an income account for a product or service in QBO: Add product and service items to QuickBooks Online.

In addition, I've got you this article to help you track your inventory here in QBO: Set up and track your inventory in QuickBooks Online.

You can also check this article about customising a report to show specific data in QBO: Customise reports in QuickBooks Online.

@ccf2, It's always a pleasure to have you here in the Community. If there's anything else that you'd like me to help you with, or if you need assistance performing specific tasks in QuickBooks. Know that you can always get back to me anytime. I'll be more than happy to help you out again. Take care, and enjoy your journey here in QuickBooks!

ccf2 · ‎October 21, 2022

Can I have more than 1 Income account for a particular Product/Service?

Or is it only 1 Income Acc per Product/Service?

Rea_M · ‎October 21, 2022

Welcome back to the Community, @ccf2.

Yes, you can only have one income account per product or service item in QuickBooks Online (QBO). This way, you can keep your income transactions organised and track them accordingly.

Whenever you're ready to add a new product or service item in QBO, you can refer to this article for the complete guide: Add product and service items to QuickBooks Online.

Also, you can use reports to get helpful insights on the things you buy and sell and the status of your inventory in QBO. You may want to check out this article as your reference to know which one to run depending on what kind of info you want to see: Use reports to see your sales and inventory status.

Let me know if you have other concerns about managing items and income transactions in QBO. I'm always here to help. Take care, and I wish you continued success, @ccf2.