Thank you for sharing the details of your situation regarding the duplicate transactions occurring between your ShopWired and QuickBooks Online (QBO) accounts, orders30.
When ShopWired creates an invoice and marks it as paid, the payment should not post directly to your bank account in QuickBooks. Instead, it would be advisable to record in the Undeposited Funds account. This reflects the actual flow of funds more accurately.
Later, when ShopWired issues a lump sum payout, combining multiple orders into a single deposit, you would then record a bank deposit in QuickBooks that moves the total amount from Undeposited Funds into your bank account.
If individual payments are deposited directly into your bank account and you also record a lump-sum payout deposit, QuickBooks will count the income twice. This happens because the income is recorded once when the individual payments are posted to the bank account and again when the lump sum deposit is recorded. This is the duplicate transaction issue your accountant mentioned.
Adjusting the process to ensure payments first go to Undeposited Funds and recording the lump sum payout as a single transaction will help prevent duplication and maintain accurate records.
To correct duplicate transactions from earlier periods, you can exclude duplicate entries in QBO to avoid discrepancies in your books.
If you have more questions or need to provide more details about your concern, feel free to return to this thread.
