Profit and Loss Report


N

Nichole Ballard

Hello. I ran a profit and loss report for August and noticed a category,
Other Income that listed a negative amount. My question is, what comprises
this category? I cannot drill down to see the transactions as i can with
other categories. Any ideas?
--
Nichole R. Ballard
Director
YesEvents
Your Event Solution
Meeting Logistics, Registration, Housing
Baltimore, MD 21208
 
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S

sorenf

Hi Nichole,

"Other income" includes transactions posted to financial accounts of the
type 'Other Income'. You should be able to drill down to see transactions.
You can also navigate to your chart of account (COA) by pressing
[ctrl+shift+a] and double click on the accounts of the type 'Other Income'
that shows a balance. An example of what could be posted to an 'other income'
account is Finance Charges.
 
L

Lance [MSFT]

In cash basis reporting, other cash income is used to show payments from
customers or refunds to customers for which it is not clear what the funds
being received or refunded are used for. This occurs when a customer payment
is not applied to an invoice (the program doesn't know what accounts the
income belongs in) or when a refund is given to a customer without a credit
memo entered (the program won't know what income is being refunded)

A positive balance on other cash income usually means you have one or more
customer payments (or journal entries that represent payments from customers)
that have not been applied to an invoice. A negative balance usually means
you have a customer refund transaction (a check to a customer or journal
entry that paid a customer) which is not linked to a credit memo.

To get the negative balance out of Other cash income, find the unapplied
refund transaction(s). These transactions will appear in the AR aging
details report. Look for checks or journal entries during the period that
add to the balance for a customer.

If you don't already have a credit memo or journal entry to account for what
income, taxes, etc was refunded, enter a credit memo to account for what the
refund covers.

Link the refund to the credit memo by using the receive payment form to
enter a customer payment (for $0) which applies the credit memo to cover the
refund.

When you finish this, instead of having a balance in Other cash income, you
will have moved the balance to the accounts for the credit memo.

This posting is provided "AS IS" with no warranties, and confers no rights.
 
N

Nichole Ballard

Thank you!
--
Nichole R. Ballard
Director
YesEvents
Your Event Solution
Meeting Logistics, Registration, Housing
Baltimore, MD 21208
 
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N

Nichole Ballard

Thank you!
--
Nichole R. Ballard
Director
YesEvents
Your Event Solution
Meeting Logistics, Registration, Housing
Baltimore, MD 21208


sorenf said:
Hi Nichole,

"Other income" includes transactions posted to financial accounts of the
type 'Other Income'. You should be able to drill down to see transactions.
You can also navigate to your chart of account (COA) by pressing
[ctrl+shift+a] and double click on the accounts of the type 'Other Income'
that shows a balance. An example of what could be posted to an 'other income'
account is Finance Charges.
--
sorenf


Nichole Ballard said:
Hello. I ran a profit and loss report for August and noticed a category,
Other Income that listed a negative amount. My question is, what comprises
this category? I cannot drill down to see the transactions as i can with
other categories. Any ideas?
--
Nichole R. Ballard
Director
YesEvents
Your Event Solution
Meeting Logistics, Registration, Housing
Baltimore, MD 21208
 

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