How to record a sale so it shows up in profit/loss statements.

I just upgraded from Quicken 2016 to subscription hoping the business features were better (they're not) and am having an issue recording sales so they show up in my profit/loss statement. I get payouts every couple of weeks, but still want to record each sale. I set up an accounts receivable to record individual sales, then that money is transferred into my bank account when I get a payout. But, even though the transactions in my accounts receivable is marked as income, they aren't showing up in my profit/loss statements. If I enter the same transaction directly into my bank account, it works fine. So, should I instead use a dummy bank account to record my sales so they'll show up in the reports? That seems silly when this is pretty much the purpose of accounts receivable.

Thanks!

Best Answer

  • shalbert
    shalbert Member
    Accepted Answer
    I finally figured it out! I'd been at it for a while before I posted. You can't just transfer the money out of an accounts receivable into your bank account. You have to create a payment and check off the invoices that got paid for it to register the profit.

Answers

  • volvogirl
    volvogirl SuperUser ✭✭✭✭
    What income category do you use?  Is it assigned to a schedule C tax line?
    For an income or expense category to show up under Business you have to assign it a Schedule C tax line number. Go into Edit Category and assign it one.  
    If you need to see a schedule C, here's the blank form….

    To check the tax line assignment open the Category list by either clicking on the Category Icon or go to Tools-Category List or Ctrl+Shift+C.  Then select the category and right click on it to Edit it.  Click on the Tax Reporting Tab and check the box for Tax related and pick a Schedule C: tax line item.
  • shalbert
    shalbert Member
    Thanks for the response! I'm Canadian, so I have the tax line set to T2125. It's the preset for sales in Quicken Canada, so I'm assuming it's correct. If I enter the exact same sale manually into my chequing account, it shows up in the report so I also made sure that all of my accounts are checked off in the report setting as well.

    I'm not sure what else to try.
  • shalbert
    shalbert Member
    Accepted Answer
    I finally figured it out! I'd been at it for a while before I posted. You can't just transfer the money out of an accounts receivable into your bank account. You have to create a payment and check off the invoices that got paid for it to register the profit.
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