Fixing 2 years worth of double income transactions...

Based on the details you've provided, the income has been overstated, lmancini220.

You are correct that you'll have to undo each deposits. If this is from the Banking page, you can undo multiple deposits at once: Unmatch or move bank transactions after reviewing them.

If these deposits were recorded manually, you'll have to go to each of them and delete manually.

1. Open the deposit.
2. Click More at the bottom and select Delete.
3. Click Yes to confirm the action.

Then, you'll have to go each invoice payments and change the Deposit to field to Undeposited Funds. After correcting the invoice payments, you can already create bank deposits: Record and make bank deposits in QuickBooks Online.

Lastly, you can already match the deposits to the ones in the Banking page: Categorize and match online bank transactions in QuickBooks Online.

Quicker way to do this would depend on an accountant's suggestion. I'd recommend consulting one to ensure we are doing everything correctly.

Let us know if you need anything else. Have a great day!

Looks like the default account on "receive payments" is the checking account, I thought this was suppose to default in "undeposited funds" to prevent this from happening? How do I get that corrected? 

Thanks!

Hello @lmancini220,

Every account used in a transaction such as receive payment is based on the last one you've created. Let's turn on the automation to accomplish this.

1. Go to the Gear icon.
2. Under YOUR COMPANY, select Accounts and Settings.
3. Select Advanced.
4. On the Automation section, select the Pencil icon.
5. Toggle Pre-fill forms with previously entered content to turn it on.
6. Select Save.
7. Click Done.

In addition, here's an article you can read to learn more about the steps: How to use auto-recall to pre-fill transactions?

Lastly, you can also browse for the content of this helpful article in creating a document showing all your customer's transactions: Create and view customer statements.

If there's anything else that I can help you with, please let me know in the comments. Stay safe!

Thanks! I went for it - I was only able to match about 25% of them. Another way I am thinking about doing this is marking all of the unmatched payments as going into "owners personal pay" and recording a closely similar number of unmatched deposits as "owners investment." SMLLC makes it okay to do that...

I ended up seeing the solution to this in a QB webinar - once all of the payments are in undeposited funds, go to +new deposit, select all of the un deposited funds (in whatever time frame you want to work within) and then add a negative amount to the deposit from the "sales" account, so the deposit is 0. It creates a negative entry to the income account and clears out your UD without adding a transaction to the bank account.