I recorded a Sales Receipt and selected the deposit account as my Primary bank account. When I ran my balance sheet for the month it showed the transaction in my Primary bank account as both a credit and debit, in essence zeroing out the transaction. Why did that happen? Did I do something wrong when entering the transaction?
One of the reasons why this happens is that we've associated an incorrect account on the sales receipt item, joeybags.
Let's make sure that the account that is associated with the item on your sales receipt is an Income Account. Go back to the Sales Receipt and check the item's account.
Once everything is set up correctly, you can run the balance sheet again.
I'll be right here if you have other questions.
Well, first off, I have Misc Cash and Misc Sales set up as Customers. Probably not the correct way to set up these transactions. And I had been putting the funds in Undeposited Funds, which is an asset account.
We manufacture products. Some of our products are sold to customers who are invoiced for those sales. Other sales are direct to individual customers or are shows.
So Misc Cash isn't tied to any income account, such as my sales account.
How would I want to set them up differently?
Hi there, @joeybags.
Allow me to join this conversation and provide some insights about why your Balance Sheet is showing debit and a credit for your bank account.
If you deposit the sales receipt directly to your primary bank account, a credit and a debit should not appear on the Balance Sheet report. You will only see an amount in the Debit column in line with your bank. However, if the receipts are under Undeposited Funds, a debit for the sales receipt and a credit for the undeposited funds will show up on the report.
Since incorrect information is showing up on your report. Let's go ahead and run the verify and rebuild process. Verifying data identifies data issues within a company file and rebuilding data resolves data integrity issues.
To do that:
Once done, you can proceed with verifying the data:
To get detailed information about this process, please check out this article: Resolve data damage on your company file.
If the issue persists after trying these steps, I'd suggest giving our Customer Care Team a call to further isolate this matter.
This amount of information should get you on track.
Fill me in if there's anything else you need about this concern. I'll make sure to get back to you as soon as I can. Have a good one!
I figured out my error. Based on your reply I went back and looked at the Item list and saw that I had associated the bank with the Misc Cash and not an income account. Changed it and it worked.
I went back and checked my Item List. I saw that I had assigned Misc Cash to Bank and not and Income account. I changed it and problem resolved. Thanks for your help.
Don't use UF manually. You would set the Sales Receipt to flow there, instead of directly to Bank, because you want to later Batch the deposit for the date. And you don't need Invoices, if you already got paid; Misc Cash is How you got paid, so Misc Customer is sort of the same thing. You can use Real Names on customers that get invoiced and pay later; that is part of managing the cash flow and late payments.
You also can use one sales receipt to Summarize that date.