AldrinS
QuickBooks Team
QuickBooks Team
‎January 11, 2019 05:28 PM

Banking

I've got you covered, Breezy17.

 

I'm here to provide some additional insight on your question regarding the double entry.

 

I appreciate the details that you provided. However, I just want to clarify if you used the funds you deposited in the Undeposited Funds account when you transferred the money to the business account?

 

If you didn't, then that would be the most likely reason why your income is doubling. To fix this, we'll need to delete this entry and recreate it using the right accounts. The steps below will walk you through the steps on how to do it:

 

To delete the deposit

  1. From the List menu, select Chart of Accounts.
  2. Double-click the account where you created the deposit.
  3. Find the entry and double-click it.
  4. Once it's open, click the Edit menu, then select Delete Deposit. You can also press Ctrl + D.
  5. Hit OK when the Delete Transaction window shows up.

To transfer the money to the business account with the PayPal fee

  1. From the Banking menu, select Make Deposits.
  2. In the Received From field, enter the name of the customer.
  3. When the Payments to Deposit window shows up, select the correct transaction in the Select Payments to Deposit section.
  4. Click OK.
  5. On another line, fill in the appropriate details in the following fields:
    - From Account: Enter the expense account where you record the fees.
    - Amount: Make sure to enter the fee as a negative amount.
  6. Click Save & Close.

 

For more information about this process, I recommend following this article: Understand how the Undeposited Funds account works

 

In addition, I also recommend getting in touch with an accounting professional for a personalized opinion. Every business is unique and they can make suggestions for handling these entries. Our Intuit Find-A-ProAdvisor site allows you to find certified professionals in your local area that are sure to have the answers you're looking for.

 

Please let me know if this helps you correct the double entry, it's my top priority that this gets resolved. Thanks for reaching out, I look forward to hearing from you.

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