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April 23, 2020
Question

Profit and Loss Report - Square Income hitting Profit twice.

  • April 23, 2020
  • 1 reply
  • 2 views

QB Online. PL Report double listing Income. My wife's square transactions are showing up under the report as an Transaction Type - Invoice,  Account - Square Income but then i believe when the linked bank account gets it's actual deposit from Square (minus fees), QB is also counting it as a Sale, Transaction Type - Deposit under Account - Sale.  So the PL report is really double reporting Profits.  We are both new to QB and i am unsure on what to change. Any ideas are helpful.  Thank you.

1 reply

IamjuViel
Level 8
April 23, 2020

I appreciate the complete details you've shared, @Alicearvt.

 

 

Integrating your Square app with QuickBooks automatically deposit your sales to its default account or the preferred account you chose in the app settings. You may have connected both your bank and your Square app which results to duplicate recording of your income. 

 

You'll want to undo the matched/added transactions from your banks feeds, then exclude them. Here's how:

  1. Go to Banking.
  2. Choose your bank.
  3. Select the In QuickBooks tab.
  4. Locate and mark the deposits and click Undo under the Action column.
  5. Go to the For Review tab, place a checkmark to exclude those transactions.
  6. From the Batch action drop-down menu, select Exclude Selected.

You can read through these articles to learn more about managing your income transactions:

After matching the transaction, you can match your bank and credit card statements. You can refer to this article for more insights: Reconcile An Account in QuickBooks Online.

 

You can always reach back out to the Community anytime you need a helping hand in getting back to business. Take care and enjoy your weekend!