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How to show paid invoices in the business income actuals in the budget window

I have a complete annual budget for both business and personal income and expenses in a excel spreadsheet that I am trying to move into the Quicken H&B budget capability to manage combined business and personal budget. Business is a single proprietor LLC consulting business on cash basis so not very complicated.
For some reason when a customer payment against an invoice is received it does not show up as actuals in the monthly budget window and is not categorized as business income so I cannot see the forecast monthly cashflows. I use the business receive customer payment function to match payments to invoices and in the business checking account they are categorized as customer invoice.
Is there a simple way to address this issue.
Thanks.
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Comments

  • UKR
    UKR SuperUser ✭✭✭✭✭
    In Edit / Preferences / Reports and Graphs there's an optional setting, "cash-basis reporting where applicable". Is that option enabled (checkmarked) or is it off? This determines cash-basis vs. accrual-basis reporting.
    Click the (?) question-mark button to pull up more information about this in Quicken Help. Blue text in Help is clickable and brings up more information in popup boxes or additional windows.
  • ukfigs
    ukfigs Member ✭✭
    Option is enabled and the regular reports such as P&L etc seem to work OK
  • workindad
    workindad Member ✭✭
    I have a similar issue. I have my business checking account "Transfers In" assigned to "Schedule C Gross Receipts and Sales" in the Tax Schedule button. However transfers from the receivables account are showing up under the "Personal Income" budget group. Not the "Business Income" group. I have tried various combinations of settings on both the receivables account and the business checking account to no avail.
  • UKR
    UKR SuperUser ✭✭✭✭✭
    workindad said:
    I have a similar issue. I have my business checking account "Transfers In" assigned to "Schedule C Gross Receipts and Sales" in the Tax Schedule button. However transfers from the receivables account are showing up under the "Personal Income" budget group. Not the "Business Income" group. I have tried various combinations of settings on both the receivables account and the business checking account to no avail.

    You don't need to set "Transfers In" of your business checking account.
    Each of your Customer Invoice as well as Vendor Invoice Line Items needs to be associated with a Category assigned to a Schedule C income or expense line items. Each of these categories must be checkmarked as a "tax-related category" and be assigned to Category Group "Business Expenses" or "Business Income".
    It's the categorization of your invoice line items that determines business income or loss.
    It's the Report setting for Cash Basis or Accrual Basis that determines when a sale will be recognized as income: at invoice date or at date the invoice is marked paid.
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