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Open Invoices showing up in my P&L

Posted by Linda 
Open Invoices showing up in my P&L
September 07, 2013 03:33AM
Hello, I actually have two questions.

1. I work for a law firm and I am a little confused about how to report advanced costs for clients out of our business account. Our attorney trust account is not in QB. We are still doing that the old fashioned way. So any client costs in enter in QB will come from the operating account. I have been using List, but I think that might be wrong. Expenses we pay for clients would be filing fees, court costs, postage, etc. Should I use Exp tab or Item tab when creating my check.

2. When I generate my P&L, the figures are wrong. It is including all my invoices for the month whether paid or not. I am creating them on a cash basis. What am I doing wrong. I have to get this figured out quickly, because we have to turn the reports in to the CPA.

Thanks for your help.
Re: Open Invoices showing up in my P&L
September 16, 2013 09:21PM
It is easy to get the report you need. Go to Reports, Jobs Time & Mileage, Profit & Loss by Job.
When paying an expense related to the client make sure you put their name in the Customer/Job field.
Make sure you uncheck the box that makes it billable unless you want it to show up on that Client's invoice.
It doesn't matter if you use the expense tab or item tab for this report. If you were using the inventory feature it would need to be the expense tab. Either way, the client name must be entered.

If your Profit & Loss statement needs to show only what has been paid you can absolutely do that.
Open the Profit & Loss statement, go to Customize Report, choose Cash basis instead of Accrual.
You can change the default basis to Cash by going to Edit, Preferences, Reports & Graphs, Company Preferences, Summary Report basis, choose Accrual or Cash.
If you are already on Cash basis on the Profit & Loss, click on the invoices that have not been paid and see if they have been marked paid. You might be using a Sales Receipt instead of an Invoice, which would automatically be paid. You only use Sales Receipts for things you have been paid for. It is a receipt of payment made. If you have done that you will have to re-enter them as invoices and delete or void deposits from the Sales Receipts as well as the Sales Receipts. If this doesn't correct your reports let us know, you may need additional assistance to find the errors.

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