I realize this isn't strictly a QB-related issue, but this group has been very helpful in the past. You can learn how to properly record the owner's drawing which is your income and your personal purchases. And you may also have PayPal transactions that weren't related to your Shopify sales that also need to be recorded. You have clicked a link to a site outside of the QuickBooks or ProFile Communities. Example of a Profit and Loss Report A P&L starts with a header that contains the name of your business and the accounting period. Why do the profit and loss numbers not match the expenses section for the same time period? To learn more about running and customizing reports in QBDT, you may check this article:Understand reports. https://www.artesanibookkeeping.com/income-not-showing-income-quickbooks/">https://www.artesanibookk See Shopify sales have merchant fees when paid through PayPal. He also had $4,500 of depreciation that showed up on his tax return, but he didn't include in his QuickBooks, so that reduces his taxable income. Ohhhh so that's regarding the Exchange rate! Hi, my name is Junen, I strive to help business owners get a better grasp on their financials by getting their books up to date, compliant, and set up in a way to provide meaningful financial data I'd love to help you with your accounting so you can save time, money and energy and focus more on growing your business. You have clicked a link to a site outside of the QuickBooks or ProFile Communities. In double-entry accounting, every transaction records in at least two accounts in one as a debit and in the other as a credit. Sales & The report can be run as often as desired to get insight on your business. See However, you can create/run a report which shows payments in QBDT. E Hello Community! You can read through this article for more detailed steps:Change the account for a product/service item. QBO gives us a default P&L by job by going to Reports > Business Overview > Profit and Loss by customer. Sales were not categorized to their corresponding income accounts. Connect with and learn from others in the QuickBooks Community. Using Sub-Customers as Jobs. QBO treats expense transactions by placing the amount in the expense/category account in the Chart of Accounts and marking the transactions as having been paid. Choose Customize Columns. Ask questions, get answers, and join our large community of QuickBooks users. E Hello Community! Open any invoice that has Items listed on it, and then use Ctl Y to see the debits and credits to accounts. Thanks a lot for the help! As mentioned by our Established Community Backer (BRC), payments won't show up on the report because they don't use income accounts. With QuickBooks Profit & Loss Reports, you can see if your business is operating at a loss or profit. Cookie Notice They also dont show in sales report. Digest. Use Profit and Loss Comparison Reports to compare your income and expenses for different time periods. Thanks kindly:). Why are my Expenses not showing as negative? Keep me updated by using theReplybutton below. 2023 Other Home Page Items, Shortcuts, & Customizing Shortcuts . Sales & Products, Track And when I click for example on the last one in Blue it shows this: So this invoice doesn't have a anywhere, so why is this showing? including receipt and expenses capture. I can help you sort this out, @alzuleycha. How to Track a Fixed Asset Item in QuickBooks. Now add the PayPal account in the same general location. By default, Profit and Loss Comparison Reports show the current year-to-date and the same time period last year. Feel free to let me know in the comment section. On QuickBooks, it shows my profit and loss for last year and the expenses for last year are at least 10-20,000 less than what the profit and loss section. But i would be very interested in your solution as I am still struggling with this same problem.If you have the time, please post a quick rundown of what you did. Bring into your view Account (income link) and Expense account. Connect with and learn from others in the QuickBooks Community. Thank you so much:)