Good video. As a small service business owner. Once I look at my NET OPERATING INCOME: Is there not a "sections" for breaking down where that money goes? For example to owners pay, taxes, etc.... Thank you in advance.
New to Quickbooks here, and I'm confused... Where does the Profit and Loss pull from? Is it from the "deposits" made within Quickbooks or does it use the date the invoice was paid?
It depends on if You pull a cash or accrual basis report. Accrual basis shows invoices as revenue and cash basis just shows the invoices paid as revenue
We do our books from the 16th of the month to the 15th of the following month. It's not clear to me how to do a Profit and Loss statement to show those time periods. I saw the "monthly" statement that you showed, but we would like to see the 16th of January to the 15th of February (for example). Is that possible?
A trucking business is consider a "service" business, correct? The question is Lumpers, tolls, scales are not considered "cost of goods sold" Are they just consider regular expenses or how do I classified them?
You will have to go in and locate all the payments to that vendor for rent (in the Vendor Center) and make sure they were all put to the appropriate account.
The Quickbooks University ok great 👍🏾 thank you so much for your help. Also I went to P&L detail by class. I was able to adjust it and correct it from their.
Please teach how to close the book or print report at the end of the month, and how to make necessary adjustment. Thank you!
Good video. As a small service business owner. Once I look at my NET OPERATING INCOME: Is there not a "sections" for breaking down where that money goes? For example to owners pay, taxes, etc.... Thank you in advance.
Not sure what you mean. Those should be broken down in the PL detail expenses above NOI
I like your presentation. Thanks!
You’re welcome!
Does the owners distribution calculated in the net income?
No they only affect the balance sheet equity
New to Quickbooks here, and I'm confused... Where does the Profit and Loss pull from? Is it from the "deposits" made within Quickbooks or does it use the date the invoice was paid?
It depends on if
You pull a cash or accrual basis report. Accrual basis shows invoices as revenue and cash basis just shows the invoices paid as revenue
We do our books from the 16th of the month to the 15th of the following month. It's not clear to me how to do a Profit and Loss statement to show those time periods. I saw the "monthly" statement that you showed, but we would like to see the 16th of January to the 15th of February (for example). Is that possible?
Yes when you pull up the report on your screen simple change the date range at the top
A trucking business is consider a "service" business, correct?
The question is Lumpers, tolls, scales are not considered "cost of goods sold"
Are they just consider regular expenses or how do I classified them?
I would actually consider those COGS because it is a cost of providing the service you provide
@@QbuniversityOrg perfect Thank You!
@@lesly411 welcome!
In my quickbook the purchase amount is not shown in PL A.C
Hello, if my p&l does not show accurate rents paid throughout last year, is the a way to fix that?
You will have to go in and locate all the payments to that vendor for rent (in the Vendor Center) and make sure they were all put to the appropriate account.
The Quickbooks University ok great 👍🏾 thank you so much for your help. Also I went to P&L detail by class. I was able to adjust it and correct it from their.
@@tee1ibrahim112 Awesome!
Thanks bro!
welcome!
Feel free to leave a comment here!
My P&L report shows bills and invoices in sales portion which distorts sales . I can't see anything wrong in filters just as standard P&L report
The print is too tiny to follow along could not see what it was he was highlighting so I stopped watching..
Did you expand your screen to be full screen?
I appreciate the video