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  #1  
Old 10-20-2004, 02:04 PM
judinan judinan is offline
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Gross Profit Number

On Quick Books Profit and Loss Statement, should the Gross Profit number match my total deposit from my bank statements from the same start and stop dates?
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  #2  
Old 10-20-2004, 08:49 PM
Big_John Big_John is offline
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No. Cash receipts and income are only loosely related.

Your deposits could be from anything. For example, you could sell an item, and then charge sales tax. The tax isn't income. Similarly, you could loan the company money. That deposit is for a liability as the company owes you the money.
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  #3  
Old 10-21-2004, 12:53 PM
judinan judinan is offline
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Smile

Thanks John, I appreciate your quick response. Let me ask this another way, so I'm clear. We provide only a service. We don't sell anything therefore there isn't any sales tax.

When I add up all of the deposits I have made in my Operating Account since the beginning of the year, including all interest that the bank has paid out, the total I come up with doesn't match anything within a Quick Books report. If it is suppose to, which report and which category? I can't seem to match it to anything. That is why I thought it would match up to Gross Income, since it is all money IN.

Also, is there an easy way to get a total of these deposits other than by hand with my calculator?

Thanks in advance for your response.

Judi

Last edited by judinan; 10-21-2004 at 01:42 PM.
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  #4  
Old 10-21-2004, 07:35 PM
Big_John Big_John is offline
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You can create a transaction detail report and then filter it for the deposit type transaction. Then subtotal it by account and go through the report account by account. If your deposits don't equal income then you'll find some non-income accounts.
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  #5  
Old 10-25-2004, 02:56 PM
judinan judinan is offline
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Hi John,

I went and looked at each month's deposits from January through today. They all look fine. In fact, these reports match up to the bank statement deposit total. Thanks for helping me find a way to get easy totals.

HOWEVER, I'm still not getting THIS total to match any total on the Profit and Loss statement in Quickbooks. I'm having trouble understanding the Gross Profit. We are a law firm. We have Legal Fees Income plus Reimbursed Expenses=Gross Profit. If I have deposited ALL NON-TRUST Account checks into our Operating Account, shouldn't that deposit total match the Gross Profit umber?

I don't have any other non income accounts. I've gone through all of the Accounts listed in my Chart of Accounts and I don't see anything unusual.

Am I wrong to think these two numbers should match (Gross Profit = Total Deposits) since we are a service company? If they shouldn't I'll stop driving myself crazy trying to figure out why they don't.

Thanks, Judi

Last edited by judinan; 10-25-2004 at 02:58 PM.
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  #6  
Old 10-25-2004, 03:13 PM
suzannemead suzannemead is offline
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On your P & L is there any entry between Income & Gross Profit?
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  #7  
Old 10-26-2004, 05:12 AM
tallman tallman is offline
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gross profit

From the P&L report, zoom on the Total Profit amount. On this transaction report in the first colums is there any transactions names Check ot Bill. If there are they will reduce the Gross Profit.
If you are writeing checks/bills and using the expense tab to enter the expeses and on the invoice using the time/cost you may be getting just the "markup" profit for them.
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  #8  
Old 10-26-2004, 08:44 AM
judinan judinan is offline
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Thank you both for getting back to me so quickly.

Suzanne, to answer your question: on my Profit and Loss Statement, I have the following entries under income:

Legal Fees Income ___________
Reimbursed Expenses-Income ______________

Total Income _____________

Gross Profit _____________

The total Income is the sum of the first two entries and the Gross Profit is the same number as the Total Income.
~~~~~~~~
Joe, I double clicked on the Gross Income entry on the Profit and Loss statement, modified the report dates for January thru the end of September. Everything listed there were invoices EXCEPT for three. One is a CHECK that is still outstanding for a client that overpaid us. I have another entry listed as a PAYMENT for a refund to another client that when I double click on it brings up a 'customer payment' box showing it as a discount. The third is listed as a GENERAL JOURNAL and when I double click on it, it brings me to my Operating Account register.

I've added those three things up, subtracted them from my Gross Income, and I'm still not matching up.

Thanks in advance for any suggestions you both might have from here.

Judi
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  #9  
Old 10-26-2004, 09:23 AM
Big_John Big_John is offline
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If the transaction detail report had the same numbers, and is not the same as the P&L, then it sounds like your P&L is running on a cash basis.

You can run a similar report to the one I previously mentioned by double-clicking the gross profit number (the one you don't like) on the P&L and reviewing the detail included on the resulting transaction detail report.
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  #10  
Old 10-26-2004, 02:19 PM
jpcentral jpcentral is offline
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Have you issued any invoices which haven't been paid?

If so, these should be added to your deposits figure to arrive at your gross profit figure.
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