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Level 1

Any ideas why profit and loss report is recording both my invoices and my intuit deposits ( that were to pay the invoices) as income. Hence doubling my reported income?

 
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Highlighted
QuickBooks Team

Any ideas why profit and loss report is recording both my invoices and my intuit deposits ( that were to pay the invoices) as income. Hence doubling my reported income?

Hi there, @rrobertson72.

 

Welcome to the Community. I can share some insights why your Profit and Loss report is recording both the invoices and Intuit deposits.

 

Did you download and add your transactions into QuickBooks? If you've already created invoices, you will no longer have to add the deposits, rather, you will have to match them. Adding them will result in doubling of your income report.

 

To resolve this, you will have to undo the added transactions and match them instead. Here's how to undo:

  1. Click Banking.
  2. Select the bank to work with.
  3. Choose the In QuickBooks tab.
  4. Look for the transaction and click Undo.

Undo.PNG These transactions will go back on the For Review tab. Here's how to match transactions:

  1. Under the For Review tab, click the transaction.
  2. Choose the Find Match radio-button (see screenshot).
  3. On the Match Transaction window, select the invoice transaction by putting a check mark.
  4. Click Save.

Find match.PNG That should clear out the duplicates on the Profit and Loss report. For additional information, please refer to these articles:

I'm more than happy to jump back on if you have any other concerns about QuickBooks, please let me know by adding a comment. Have a good one!

Highlighted
Level 1

Any ideas why profit and loss report is recording both my invoices and my intuit deposits ( that were to pay the invoices) as income. Hence doubling my reported income?

How would this be corrected if the accounts are already reconciled?

Highlighted
QuickBooks Team

Any ideas why profit and loss report is recording both my invoices and my intuit deposits ( that were to pay the invoices) as income. Hence doubling my reported income?

Hi @ajselectric777,

 

I'd suggest for you to undo your reconciliation period with the duplicate income.

 

Let me show you how:

  1. From the Gear icon, select Chart of Accounts.
  2. Search for the appropriate account for the transaction.
  3. From the Action column, select View register link.
  4. Select the transaction to edit.
  5. In the reconcile status column indicated by a checkmark, repeatedly select the box on the top line of the transaction to change the status of the transaction.
    • C - Cleared
    • R - Reconciled
    • Blank - Not cleared or reconciled
  6. Select Save.

Once done, you can redo the same reconciliation period and ensure all the correct transactions are accounted for. You can print a copy of your bank statement of that same period to be sure you're not missing anything.


If you have an accountant user in your QuickBooks Online company, then it would be easier. You can forward them this article: Undo your client’s reconciliations with QuickBooks Online Accountant. Accountant users have the feature to undo their client's reconciliation period.

 

In case you have any other questions regarding reconciliation, post a comment below. I'll get back to you as soon as I can.

Highlighted
Level 1

Any ideas why profit and loss report is recording both my invoices and my intuit deposits ( that were to pay the invoices) as income. Hence doubling my reported income?

I have QB Desktop 2019. I don't have the same options as QB Online. I am having the same issue with my profit and loss recording double income. Please advise. 

Thank you!!!! 

Highlighted
QuickBooks Team

Any ideas why profit and loss report is recording both my invoices and my intuit deposits ( that were to pay the invoices) as income. Hence doubling my reported income?


Welcome to this thread, @PRWeld.


The Profit and Loss Report will show a double income when there are duplicate entries recorded. Let’s open the register and drill down each transaction.


From there, delete the identical transactions to correct your records. I suggest you get a copy of the bank statement and use it to compare the data entered in the chart of accounts.


The process is a breeze, and I’m here to help. Here’s how:

 

  1. In your company file, go the Lists menu to choose Chart of Accounts.
  2. This will take you to the lists of accounts recorded.
  3. From there, double-click the register you’re working on to see more details.
  4. Then, look for the duplicate deposits.
  5. Once found, right-click your mouse beside each deposit and then choose Delete Payment.
    dup.png
  6. Another window will pop-up information about the action.
    dup1.png
  7. Click OK to confirm.

If you have a merchant account, make sure to match the payments to the invoices. This is to avoid duplication of transactions.


Follow the same steps to remove duplicate transactions. To keep your records in tip-top share, you can consider using the Undeposited Funds account to hold your customer payments.


Here’s an article that provides an overview of entering bank deposits. It also contains instructions on how to review payments and screenshots for visual reference: Deposit payments into the Undeposited Funds account.


By following these steps, the Profit and Loss Report will display the correct income information.


Keep me posted if you need further assistance while working in QuickBooks. I’m here to help and make sure you’re taken care of. Have a good one.

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