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Level 1

Invoice and deposit counted twice

I'm using QB online, and send out invoices via QB, and they pay via QB payments. But when I do my bank rec, and bring in the deposits, both the invoice/payment and the deposit are counted twice. And the deposit also shows up as undeposited funds, even though I did categorize it into a bucket. How do I resolve this? 

Solved
Best answer June 20, 2020

Best Answers
Moderator

Invoice and deposit counted twice

We'll have to link the deposit and the invoice, Minoh.

 

This way, the system will recognize the deposit as your customer's payment. Then, let's change the deposit account to Accounts Receivable. 

 

Before doing so, we'll have to delete the payment so it will leave the invoice open. 

 

Afterward, here's how to record the deposit:

 

  1. From the Sales tab, select Customers.
  2. Select your customer.
  3. Go to the Transaction List tab.
  4. Select the deposit, and then select accounts receivable in the ACCOUNT field.
  5. Enter the AMOUNT.
  6. Click Save and close.
  7. Select Yes.

 

 

Then, we'll have to link the deposit and the invoice:

 

  1. From the + New button, select Receive payment.
  2. Select the same customer.
  3. Select the Outstanding Transactions and the Credits.
  4. Click Save and close.

 

 

Once done, you're good to reconcile the account. Here's an article for more information: Reconcile an account.

 

I'm just a post-away if you still need my help. Take care!

View solution in original post

1 Comment
Moderator

Invoice and deposit counted twice

We'll have to link the deposit and the invoice, Minoh.

 

This way, the system will recognize the deposit as your customer's payment. Then, let's change the deposit account to Accounts Receivable. 

 

Before doing so, we'll have to delete the payment so it will leave the invoice open. 

 

Afterward, here's how to record the deposit:

 

  1. From the Sales tab, select Customers.
  2. Select your customer.
  3. Go to the Transaction List tab.
  4. Select the deposit, and then select accounts receivable in the ACCOUNT field.
  5. Enter the AMOUNT.
  6. Click Save and close.
  7. Select Yes.

 

 

Then, we'll have to link the deposit and the invoice:

 

  1. From the + New button, select Receive payment.
  2. Select the same customer.
  3. Select the Outstanding Transactions and the Credits.
  4. Click Save and close.

 

 

Once done, you're good to reconcile the account. Here's an article for more information: Reconcile an account.

 

I'm just a post-away if you still need my help. Take care!

View solution in original post

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