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Level 2

Income doubled

The second month I started using QB Desktop I somehow duplicated some deposits/payments. When I run a Transaction by detail report for the month of Feb. my income shows almost double. I sorted by "type" and found there were several deposits listed that duplicated a received invoice. I have reconciled my bank statements without a problem. Since I have already reconciled by bank accounts and am in the fourth month, is there anyway i can go back to make corrections.  I have spent hours trying to figure it out and feel I may need to start all over.  Ugh.  Thanks for any suggestions.


Re: Income doubled

Hello Emily17,


If the bank reconciliation is correct, there's no need to make some corrections from the previous months. You find the amount doubled in the Transaction by Detail report because it shows all types of transactions. That includes those in the Undeposited Funds account. 


For example, you receive the invoice payment and use Undeposited Funds to post the amount. Once the money is already in your bank account, you make a deposit to post it to the right bank account. These two transactions are of different types but tagged as one in the actual event. 


You can run the Profit and Loss Detail report instead to see the actual transactions. 


Please let us know if you have more questions. Thanks! 

Level 2

Re: Income doubled

Thank you for your response.  Am I correct in thinking that all invoices (both paid and accts receivable) should add up to the "profit" in the P&L statement? My profit in the P&L statement seems to reflect all my invoices and deposits.    I am new to Quickbooks so I may have miss coded my deposits.


Re: Income doubled

Hello Emily17,


I appreciate you coming back. 

In the Profit and Loss report, it'll give you the revenues (unpaid, pending, & overdue invoices/sales receipts/deposits), and company expenses.


When an invoice is already paid, it will post to your income account. You can check the item setup to see which income account these invoice payments will be posted to. Here's how:

  1. Go to Lists.
  2. Choose Item List.
  3. Double-click on the item.
  4. In the Income account drop-down, you'll see the income account. 

Don't hesitate to post some more. We'll be right here to help. 

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