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Wildohio
Level 1

Duplicate Sales entries

I use Quickbooks Online. My previous accountant set up the chart of accounts. In order to book sales I use "Sale of Product Income". The previous accountant had created a COA called "Sales".

I noticed that the line items of my invoices are getting put in to COA of "Sales" and when I receive a check from customers I put it under the COA "Sale of Product Income". Basically now Quickbooks is double booking the sales.

I tried to make "Sales" inactive but Quickbooks wont let me as it has transactions attached to it. I tried to change the classification of Sales and all that does is move it to a different spot on the P&L.

2 Comments 2
Rustler
Level 15

Duplicate Sales entries

When you receive a check in payment of a sale, you should be using receiving payments followed by make deposits when you take it to the bank.

 

If you are depositing the received check and using sales of product income as the source account for the deposit, that is the problem.  The invoice is still open and your a/r account is wrong.

 

QB works on items, items tell QB where to put the sales income, not  your deposit.

 

 

Wildohio
Level 1

Duplicate Sales entries

I create an invoice when we send out the product. My distributors send an ACH or check in. The invoice remians open in Quickbooks. I then go and receive the payment for the date.

If you look at the attachment. On 7/15 I created the invoice and it puts the line items under Accounts receivable. On Page 2 when I received payment it put it under checking account.

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