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BanksFlooring
Level 1

how to fix double entries

Hello all.

It seems that i have put in multiple entries for the same thing for example, when an invoice is paid I haven't always matched it to the invoice and just put paid also when i pay something I'm not sure if i've made it into 2 expenses!

 

I have 2 problems here. 1 my books are completely wrong, I'm double my normal average earnings and 2 I have been submitting VAT every quarter, which i thought was high but I'm not an accountant that's why I got QuickBooks!

 

Is there a way to backtrack my transactions for the year and go again ticking it off? The VAT part im going to have to seek an accountants help for it now after i have sorted all of this.

 

Any advice would be greatly appreciated! Smiley Happy

 

 

2 REPLIES 2
GeorgiaC
QuickBooks Team

how to fix double entries

Hi BanksFlooring, thanks for your post 🙂

 

We'd always recommend having your tax return checked and approved by an accounting expert before submitting this, however, you can fix this by completing a reconciliation (Cog > Reconcile).

 

This is a process of comparing your bank account in QuickBooks against your real-life bank statement, to make sure you don't have any missing or duplicate entries and to ensure all transactions have been accounted for. Once you've located a duplicate, you can easily click into the transaction from the reconciliation report to view and delete this. If the duplicate transaction was filed with VAT, this will automatically create an exception on your open return to account for this.

 

Please get back to us below if you have any Q's!

Sam_WeBalanceBookkeeping
Level 1

how to fix double entries

Hello!  It is really easy to enter data into Quickbooks incorrectly.   Although the adverts make it look like it's a few clicks of a button to do your accounts and VAT return, it really isn't.  It is also very easy to account incorrectly for VAT and submit incorrect figures.  This can end up costing you a lot of money in unnecessary tax.  If you need some help cleaning up your QuickBooks, getting everything reconciled and balanced then please feel free to get in touch with me, I do a lot of QuickBooks cleanups.

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