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E
english_august
June 11, 2021
Question

In my profit and loss report, Quickbooks is double counting my income. It shows Invoice and Payment of the invoice (direct deposit into my checking account) as income.

  • June 11, 2021
  • 1 reply
  • 36 views
What can I do to fix it because right now, it is giving me a wrong picture of my P

1 reply

R
Rasa-LilaMQuickBooks Team
QuickBooks Team
June 11, 2021

Thanks for visiting the Community, english_august.


We’ll have to undo the added transactions and match them. This process ensures the income on your Profit and Loss Report will show the correct amount.


Here’s how:

 

  1. Go to the Banking menu on the left panel to select Banking.
  2. From the list, choose the account you’re working on.
  3. Navigate to the Categorized tab and tick the boxes for the payments.
  4. Then, press the Undo button and then hit Continue.

The entries will now show in the For Review column. From there, mark the box for the payment and choose to Find Match. For detailed instructions, follow the steps in this article: Categorize and match online bank transactions.


I’m adding some resources to help you in the future. These articles contain information about customizing financial reports and steps on how to fix when income is missing on the Profit and Loss Report.

 

 

You can always get back to me if you have any other concerns about QuickBooks. All you have to do is leave a comment below and mention my name. I’m here ready to answer them for you. Have a good one.

E
english_augustAuthor
June 14, 2021

Thank you. The steps that you stated above fixed my current P&L. Will I need to do this every time I invoice and a customer and their payment comes through?

 

JasroV
JasroV
Level 8
June 14, 2021

I'm glad the steps shared by my colleague above helps fix your Profit and Loss reports discrepancy, @english_august.

 

With regards to going through the steps again when recording invoices and payments, not at all. QuickBooks automatically looks and tries to match your downloaded transactions. This keeps your record accurate and avoids any duplicates. 

 

All you have to do is to categorize it to the correct account. However, if you find any discrepancy with your P&L reports, you'll want to perform the steps again to correct them. For more details about this process, you can read through this article: Categorize and match online bank transactions. 

 

Additionally, I'm adding these resources for your future reference. These guide you through the steps on how to link a deposit to an invoice and reconcile your accounts flawlessly:

 

 

Keep me posted if you other questions about categorizing your transactions. I'll be around to back you up. Stay safe and have a great week ahead!

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