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studiog
Level 1

Inflated P&L due to deposits showing up on it

 

My P&L is showing inflated income as my deposits are showing up on it twice... as the Invoice from customer and as the actual Deposit it self.

 

I am using Square connection to QBO. Two questions...

 

When the credit card deposits come in from Square to QBO what account should they connect to?

 

How do I get the deposits off of my P&L? 

 

 

QBO Issue.PNG

3 Comments 3
Anonymous
Not applicable

Inflated P&L due to deposits showing up on it

Thanks for providing a screenshot, studiog.

 

It could be that your invoices and their payment deposits are not linked that’s why you’re having inflated income (base on your screenshot). Will have to make sure they’ve match/link so that QuickBooks will recognize that they are just one income.

 

For more information about linking payments with their deposits, please refer to this article: https://quickbooks.intuit.com/community/Income-and-expenses/How-to-link-a-deposit-to-an-invoice/m-p/...

With regards to your second question, you’ll see an option about the default accounts that you can use in Square for Settings when you import your transactions.

 

You can check this article for additional information about this: https://quickbooks.intuit.com/community/Apps/Sync-with-Square-Default-Accounts-and-Names/m-p/185452.

 

You’re always welcome to visit again if you need further assistance while working with QuickBooks.

studiog
Level 1

Inflated P&L due to deposits showing up on it

Thanks... this wasn’t the issue though. My deposits were matched but I found that the record from Sqaure was being deposited to Cash rather than to the bank account. I had to go back through all transactions from Sqaure and change them to deposit to the bank account. Then delete the transaction from the bank. Thankfully, QuickBooks automatically created a new one so then I just match  the new one to the corrected deposit from Square.

 

It it was a process but worked!

GarlynGay
Moderator

Inflated P&L due to deposits showing up on it

Hello studiog,

 

Seeing how many transactions you need to correct is a bit challenging. However, you manage to correct them and you did a great job!

 

If there's anything else that could do for you, please let us know. You're welcome to post some more questions. 

 

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