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.
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!
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.
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:
Don't hesitate to post some more. We'll be right here to help.
My income is also doubled. When I check the Class Quick Reports it shows where I invoiced clients and where I deposited the payment. For whatever reason, even when I manually mark the invoices as paid, they still count towards my income on the P&L. My income is therefore double and not correct. How do I ensure the invoices are not counted as income?
Thanks for joining us here, @249jared.
Allow me to share some insights about your income in QuickBooks. Invoices are categorized as income depending on the account used on items. They will also appear as income in the Profit and Loss if the accounting method you used is accrual.
Check out this article to learn more about the differences between Cash and Accrual basis: Differentiate Cash and Accrual basis.
Also, to see the posting accounts of your transactions, I'd recommend checking the Transaction Journal report. I'll guide you how.
Also, you may want to consider running and customizing reports in QuickBooks, check out these articles:
For additional QuickBooks related questions, feel free to drop a comment below. I'm always here to help.
Were you able to figure out why it was doubling your income? Or did you start from scratch? I am having the same issue on only one deposit I entered manually in February. On the register it has the deposit listed once and I was able to reconcile, no problem,( and I have reconciled up to June). However on the reports the deposit shows up twice and it is reflecting on the reports which is making them wrong. The deposit didn't come from an invoice nor was it ever in undeposited funds. I manually entered the deposit. I don't know how to stop it from appearing twice on the reports. Thank you in advance for any suggestions.
I think I know your exact issue and how to fix it.
-Go to banking and go to "reviewed". Please find the payment in question and "undo" it so that it goes back into your "for review section". Please write down on a piece of paper/remember the date of that payment. Leave that as is and we will come back to it.
-Go to your invoices section and find the invoice. Then click the downwards arrow on the right next to the word "print" and click "view/edit"
-On the right it says "paid status", under this can you see blue writing that says "1 payment" and then in black writing "made on .....", please click the blue writing and then click the blue date.
-Here the payment you received in your bank account comes up, for some unknown reason, I think it may be a glitch, but it says on the left under "payment date" the wrong date to when it actually was deposited. Now that date I asked you to write down before, put in that date instead. Click save and close.
-Go back to your "for review" tab and the payment now should have a match. Click "match".
-Go back into your "income section" on your report and it now should be fixed and there should only be one payment there for that amount.
Hope this helps!