We're here to make sure your income transactions are balanced, LARofTRA. We'll guide you through the process below.
To prevent duplication of income, yes, we'll have to go back to your original bank deposits and edit the affected account, changing it from Gen Fund to Accounts Receivable (A/R). Then, we'll apply them as payments towards your open invoices.
Before proceeding, you can turn off the Automatically apply credits option. By doing this, the system will not automatically apply the deposit after you have updated the account to A/R. This will save you the trouble of deleting payments to tidy up your income data. To do this, here's how:
- Go to Settings, then select Account and settings.
- Select the Advanced tab.
- Click Edit ✎ in the Automation section.
- Turn the Automatically apply credits option off to decide which open invoices you want to apply the deposit to.
- Select Save, then Done.
After that, update the impacted account of your deposits from Gen Fund to Accounts Receivable (A/R). Then, link them to your outstanding invoices. For the complete guide, please see this article: Link a bank deposit to an invoice in QuickBooks Online.
Additionally, when you run a nonprofit organization, you can easily keep track of the money you receive from your donors in QuickBooks Online (QBO). You might consider checking out this article to learn more about this procedure: Record fund donations.
If you have any further concerns about managing income transactions in QBO, feel free to comment below, and we'll be happy to assist you.
