Categories
Bank Deposit Bank Register Banking Journal Entry Refund Receipt Sales Receipt

How do you match a deposit to a receipt when the credit card refund is more than the actual deposit

Example:
We received a credit card payment from customer A ($334.00) and sent a credit card refund ($1,000.00) to customer B on the same day. This resulted in a net negative deposit ($666.00) from our credit card merchant provider. How to match a refund receipt and a regular receipt in order to properly match the deposit in our bank account from the bank feed.

sales receipt
sales receipt
refund receipt
refund receipt

QuickBooks Online won’t allow creating a negative bank deposit. If the total deposit is negative, you will need to create a Journal Entry to move the funds from Undeposited Funds to the bank account.

deposit negative
deposit negative

Here’s how to create that Journal Entry and move the funds from Undeposited Funds account to Bank account.

journal entry
journal entry
  • Click the Create (+) at the top of your Home screen.
  • Choose Journal Entry from the drop down (if you don’t see it, try clicking Show more).
  • Set the Date of the transaction (same as bank posted transaction date).
  • On the first distribution line of the Journal Entry:
  • In the Account column, choose Undeposited Funds.
  • In the Debit column, enter the amount of the deposit.
  • On the second distribution line of the Journal Entry:
  • In the Account column, choose the appropriate bank account.
  • Set the Credit column to the amount of the deposit.
  • Click Save and close. This will show a deduction from the bank account in the Bank Register in QBO.

Next, you will want to group the Journal Entry with the payments to create a $0 deposit and remove the payments from Undeposited Funds.

deposit zero with je
deposit zero with je
  • Click the Create (+) at the top of your Home screen.
  • Choose Bank Deposit from the drop-down.
  • Select the payments (negative and positive) and the Journal
  • The entry you just created (the total should be zero).
  • Click Save and close.

Next, go back to banking center (bank feed). You may see MATCH now for that transaction. If not, click that transaction row for refund receipt. Locate and match transaction from the list there. Save.

radio button switch from add to find match
radio button switch from add to find match
match transaction
match transaction

Video Tutorial

QuickBooks Online QBO – how to match negative credit card daily sales receipts | refund deposit

Categories
Reports

How to create Sales by Customer Detail report that only shows one line per item invoiced

Sales by Customer Detail report (screenshot 1) is for both income and COGS for inventory items (screenshot 2). That’s why the report is showing positive and negative numbers.
To show one line per item in essence for income only, you will need to customize the report.
Click the customize button > Go to Lists section > Distribution Account > select “All Income Account” (see screenshot 3) > Run Report

New customized report will show just one line per item invoiced (see screenshot 4).

sales by customer detail 1
sales by customer detail 1
sales by customer detail 2
sales by customer detail 2
sales by customer detail 3
sales by customer detail 3
sales by customer detail 4
sales by customer detail 4

 

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Categories
Reports

How to see daily income in total?

You can customize daily income in total and make this your own customized Flash Report for your business.

From the home page screen

  • Left Navigation Bar
  • Reports
  • All Reports
  • Business Overview
  • Profit and Loss
  • Change Transaction Date to “Today”
  • Select Customize button (upper left corner)
  • Change Accounting Method to “Cash Basis” if you just want to see based on money received rather than income from customer invoicing. Accrual basis is based on actual invoicing, not when they received payment.
  • Go to “Lists section
  • Select Distribution Account
  • Change from All Income/Expense Accounts (default) to All Income Accounts
  • Go to Header/Footer and change Report Title from Profit and Loss to Daily Income
  • Run Report
  • Review the report
  • Make further changes if needed (optional)
  • Click Save Customizations button
  • “Save Report Customizations” screen will open
  • Change Name of Report if you want different than “Daily Income”
  • Select “Add this report to a group” (and/or select “Share this report with all company users” if you just want to share this report with manage users)
  • Now you can add this report to a group by email. For Report Group Settings (Reports > My Custom Reports > highlight group name (example Andy)
  • Select “Edit” and choose checkbox for “Set the email schedule for this group”
  • Select “Edit Schedule” for interval and date range”
  • Enter “Email” address (separated emails with a comma if sending to more); select cc if needed
  • Save

reports

profit and loss

transaction date to today

accounting method

distribution account

andy daily income

every day

You can also just view and print (no memorized report here) your daily income on money received (cash basis) this way:

From the home page screen

  • Left Navigation Bar
  • Click Transactions
  • Select Sales
  • Click Filter
  • Under “Type” select Money Received
  • Under “Date” select Today
  • Click Apply

You will see a total at the very bottom of the screen below the Total column.

money received

Categories
Reports

I need a report that shows product sales along with product cost so that I can see profit or loss for each product.

See attached screenshot sample report. You can generate this report directly from QuickBooks Online Plus with some customizations.

If this is the type of report, you are looking for, you will need to take the following steps:

From the home page screen > go to blue navigation bar on the left > select reports > go to report search (small magnifying glass) and type “Profit and Loss” (yes, regular profit and loss report)

Run Profit and Loss Report > change transaction date as needed

Choose “Customize” button

Accounting Method = Accrual

Columns under Rows/Columns heading > select Product and Services from the drop down list (default = Total Only)

Under “Add Subcolumns for Comparison” > choose checkbox “% of Row” (optional)

Run Report (blue button)

This will be the first run of Product P&L. You will get raw Profit and Loss by Products in standard P&L format. You will need to do further customizations depending upon your requirements.

Additional Customization Tips: example want report at gross profit level only

Go to “Lists” heading > choose “Distribution Account” > From the drop-down list choose “select multiples” > Add “all income accounts” and “all costs of goods sold accounts” from the list (or choose your preference accounts) > click OK

Optional:

Go to “Lists” heading > choose “Product/Service” > From the drop-down list choose “select multiples” > choose specific products from the list as needed > click OK

Run Report

Sample report is based on the above customizations.

If you are a Cost Accountant or with costing accounting knowledge, you can even take it another level and run the fully blown Product P&L with applied overhead (O/H) burden.

Product P&L

Categories
Reports

How to customize an expenses by vendor detail report in new QuickBooks Online?

Run built-in standard Profit and Loss Detail Report and customize it get expenses by vendor.
To Profit and Loss Detail Report:
From the home page screen
Select blue navigation bar on the left
Select “Reports”
Select Go to report (small magnifying gals icon) and type “Profit and Loss Detail”
Select Profit and Loss Detail from the drop-down list
This report will include both income and expense accounts
Select desired transaction date and click run report
Select Customize button (upper left corner)
Go to Distribution Account under Lists heading
Select Multiples (move cursor up to find Select Multiple..)
Select all Expense and COGS accounts from the list (hold Shift key on keyboard and select accounts)
Select Add button (now you have all the accounts under Account Filter List)
Click OK button
Default for this report is sorted by date
If you want this report sorted by Vendor (it will say NAME), Go to Sort By filter and change from “Default” to “Name”
Optional: Go to Header/Footer section and change the Report Title from Profit and Loss Detail to Expenses by Vendor Detail Report
Click “Run Report” button at the bottom

Customize the report more if needed.
Select “Save Customizations” blue button if you need to make this a standard report.

Now, you can even download to Excel spreadsheet and use available Pivot Table to filter more. And, be a star in your company.

Accounts to include in report

customize profit and loss detail

expenses by vendor detail

Categories
Reports

How to run a cost of sales (COS) report in new QuickBooks Online?

There is no standard “COS” report you can run in new QuickBooks. But, you can customize standard P&L report and get the same results.

To customize P&L and get COS (referred to Costs of Good Sold in QBO):

From the home page screen

  • Go to the blue navigation bar on the left
  • Select Reports
  • Go to report (magnifying glass) and type Profit and Loss
  • Select “Profit and Loss” from the drop down selection
  • Select “Customize” button
  • Go to “Lists”
  • GO to “Distribution Account” and select “All Cost of Goods Sold Accounts”
  • Select Run Report button

If you need “DETAIL” behind those summary numbers, click amount from the “Total Cost of Goods Sold” line.


Categories
Reports

For the purpose of auditing I need to export my entire list of fiscal year expenditures from QB online. What specific report will I run?

For this task, you will need to run the “Profit and Loss Detail and customize the report.

GO to blue navigation bar (located on the left)
•Select Reports
•Go to report and type Profit & Loss Detail (see attached screenshot below for reference)
•Select “Profit & Loss Detail” from the drop-down selector
•Run Profit & Loss Detail report (for the wanted transaction date)
•Click “Customize” blue button
•Click Lists
•Choose “Distribution Account”
•Select “All Expense Accounts” from the drop-down list (see attached screenshot below for reference)
•Click Run Report

Optional: Click “Save Customizations” button if you need to make this report as Custom Report for future use.
Optional: If you need to remove column or change order of the column, click customize button again (Select “Change Columns” under Rows/Columns > You can add, remove and change order from here > Ok > Run Report)

Profit and Loss Detail Report
Profit and Loss Detail Report
Profit and Loss Detail Report Customize Expense
Profit and Loss Detail Report Customize Expense
Categories
Reports

How to create a profit and loss report for selective accounts from our chart of accounts. Can this be done in new QuickBooks Online?

Let’s say in this example, you want to run profit and loss report for only two specific accounts from the chart of accounts:
Sales of Product Income and Costs of Goods

Yes, you can pull P&L report for those two accounts only in QuickBooks Online. Here’s how to start from the home page screen:

  • Click on the “Reports” link on the left hand side blue navigation bar of your screen
  • When the reports screen loads for you, there should be a “Go to report” search bar for you in the center of that screen
  • Go ahead and type “Profit and Loss” into that search bar
  • At that point, you can select the Profit and Loss report you would like to see. When it loads, you can alter the date range to show just the time range you need that report for
  • Click “Customize” button on the upper left corner
  • Select “Lists” under Customize Profit and Loss
  • Go to “Distribution Account” and choose “Select Multiple”
  • New “Select Accounts to Include in Report” will open
  • Add this point, you just need to choose “Add” button to add accounts
  • In this example, we want to add “Sales of Product Income” account and “Cost of Goods Sold” account from the list which is the Company’s Chart of Accounts
  • Click “OK” button
  • Click “ Run Report” button
  • It will take few seconds to load the revised report
  • Review it and choose Save Customization button if needed to memorize this report.

How to run Profit and Loss Report for selective accounts from Chart of Accounts in QuickBooks Online

Categories
Reports

How can I run a report that gives me the detailed automobile expenses for this year in new QuickBooks Online?

Run Transaction Detail by Account and customize the report to show just Automobile Expense account.
Select the blue navigation bar on the left

  • Select Reports
  • Go to Report (magnifying glass) and type Transaction
  • Select Transaction Detail by Account from the dropdown selector list

This report will show all transaction details by all accounts
We will to need to customize this report just to show Automobile Expense account only.

  • Change Transaction date as necessary (for example change to This Year to run report this year only)
  • Click Customize button (located top left corner)
  • Select “Lists”
  • Go to Distribution Account under Lists
  • Scroll down the list and select “Automobile Expense”
  • Select Run Report button
  • Now you’ve Transaction Detail by Account report for Automobile Expense account only.
  • If you need to run similar report for other accounts, follow the same steps, just select appropriate account from Distribution Account List.

You can also customize this report (click Save Customizations button) if you need to see just Automobile Expense next time.

Transaction Detail by Account Customize
Transaction Detail by Account Customize

Transaction Detail by Account
Transaction Detail by Account
Run Transaction Detail by Account and customize the report to show just Automobile Expense account.

Other way to generate that report is to use your chart of accounts to create a “QuickReport.”

To do this:

  • Click on the gear in the top right and choose “Chart of Accounts” in the dropdown
  • On the chart of accounts, scroll down to the expense account you categorized your interest to
  • Click on that account once and then click the “Report” button in the upper right
  • Set your date range at the top of the report and click the “Run Report” button and you’re good to go!