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My revenue is overstated by the exact amount of the deferred revenue what have I entered wrong?

 
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Best answer March 16, 2020

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Moderator

My revenue is overstated by the exact amount of the deferred revenue what have I entered wrong?

Hello jhays1,

 

There are a few possibilities that I can think of why your revenue is overstated. It could be:

  • you have entered duplicate invoices or sales receipts.
  • you have selected Add if you have connected your bank account.
  • you have created a journal entry or other transactions affecting the income account.

For duplicate invoices or sales receipt, you can delete them manually. You can pull up sales reports to easily trace these duplicates.

  1. Open the invoice or sales receipt.
  2. Click More at the bottom of the transaction page.
  3. Select Delete and click Yes to confirm the action.

If you have connected your bank account to QBO, you can still undo what were Added that caused the duplicates.

  1. Click Banking (Transactions) on the left menu and go to the Banking tab.
  2. Highlight the connected bank and go to the Reviewed section.
  3. Look for the transactions that cause the overstated revenue and select Undo.
  4. These transactions will go back to the For Review section.
  5. You can click Match or Find match.
  6. Click Save.

You can also use these articles for reference: 

If you have created journal entries or other transactions, I'd recommend reviewing them with your accountant. They can give you additional options on how to correct your data.

 

Please get back to me if you require additional assistance. Additional details would be much appreciated.

View solution in original post

1 Comment
Highlighted
Moderator

My revenue is overstated by the exact amount of the deferred revenue what have I entered wrong?

Hello jhays1,

 

There are a few possibilities that I can think of why your revenue is overstated. It could be:

  • you have entered duplicate invoices or sales receipts.
  • you have selected Add if you have connected your bank account.
  • you have created a journal entry or other transactions affecting the income account.

For duplicate invoices or sales receipt, you can delete them manually. You can pull up sales reports to easily trace these duplicates.

  1. Open the invoice or sales receipt.
  2. Click More at the bottom of the transaction page.
  3. Select Delete and click Yes to confirm the action.

If you have connected your bank account to QBO, you can still undo what were Added that caused the duplicates.

  1. Click Banking (Transactions) on the left menu and go to the Banking tab.
  2. Highlight the connected bank and go to the Reviewed section.
  3. Look for the transactions that cause the overstated revenue and select Undo.
  4. These transactions will go back to the For Review section.
  5. You can click Match or Find match.
  6. Click Save.

You can also use these articles for reference: 

If you have created journal entries or other transactions, I'd recommend reviewing them with your accountant. They can give you additional options on how to correct your data.

 

Please get back to me if you require additional assistance. Additional details would be much appreciated.

View solution in original post

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