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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?

 
3 Comments
QuickBooks Team

Re: Any ideas why profit and loss report is recording both my invoices and my intuit deposits ( t...

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!

Experienced Member

Re: Any ideas why profit and loss report is recording both my invoices and my intuit deposits ( t...

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

QuickBooks Team

Re: Any ideas why profit and loss report is recording both my invoices and my intuit deposits ( t...

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.

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