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How to Get a Cash Profit & Loss by Class Report in QuickBooks
Published 01/26/2010 | 
I have a quick question about class lists that I don’t know if you can answer by email or phone, or I should make an appointment. I’m happy to pay for your time either way. We are tracking client payments to particular attorneys. I have set up a class list of all the attorneys and am classifying each payment and consultation as I put it on the invoice. But when I do a quick report of the class list, only the income that has been put in as a sales receipt (i.e. the consultations) is showing up. None of the payments on the invoices which have been classified to a particular atty show up. What could I be doing wrong?
It sounds like you’re pulling an accrual report instead of a cash report. Try clicking Modify at the top of the report and selecting Cash to see if that gives you what you’re looking for.
Thanks for your super quick response! I changed it to a cash report and that worked. We still have an issue, though, in that we are trying to include only payments received after January 1, 2010 and because we have had to backtrack on invoices, the class report is including all the payments received on the original invoice whether they were in 2010 and classified or from 2009 and not classified. I think it’s because I had to go back and put the payments from 2009 back on an invoice. This was done in 2010 and the report is showing it as a payment in 2010, the date I modified the invoice to put back in the payments from 2009. Is it even possible to do what we are attempting?
The cash basis report is based on the payment date, not the invoice date. If you run a Transaction List by Customer report (Reports > Customers & Receivables) you’ll get a list of both the invoice and payment dates. The invoice date is used for accrual accounting, the payment date is used for cash accounting. However, it sounds like you might be including payment items on your invoices for invoice payments. This item should only be used when a client has made a partial payment at the time of the sale and you're invoicing for the remainder. In other words, the payment is received on the same date as the invoice. If you received the payment at a later date, you should use the Receive Payments option, dated the day the payment is received. It's located in the Customer menu.
Written by +Ruth Perryman, CMA, CFE, CFM, MBA
Ruth has provided QuickBooks help to thousands of businesses around the world since 1996. She is an Intuit Solutions Provider, an Advanced Certified QuickBooks ProAdvisor, and a member of the Intuit Trainer/Writer Network. She is also certified in QuickBooks Point of Sale and QuickBooks Enterprise Solutions.
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