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Catherina
Level 1

P&L showing paid invoice twice

Hi.

I need help. I just took over the QB file for an existing customer and need to learn a few more things.

 

My Problem right now is this

 

- existing Invoices from 2019 and 2020

- payments where received in 2020

- payment showed up in checking account and I booked it under the customer name etc.

- I also marked the Invoice paid with check

- I believe this is where I made the mistake.

- now in P&L they show up 2x

- how do I fix this?

 

Thank you.

 

 

3 Comments 3
Nick_M
QuickBooks Team

P&L showing paid invoice twice

Hi, Catherina. 

 

Thanks for stopping by the Community, the way to fix them showing up in the P&L twice is to do a reconciliation. To do so, follow along below. 

  1. Get your bank statements or sign in to your bank's website.
  2. In QuickBooks Desktop, go to the Company menu and then select Chart of Accounts.
  3. Right-click anywhere on your Chart of Accounts and select New.
  4. Select Bank or Credit Card for the account type. Then select Continue.

  5. Give your account a name. If you have multiple accounts of the same type or at the same bank, give them unique names so they're easy to tell apart.
  6. Fill out the rest of the data fields.
  7. Select Enter Opening Balance. Later on, if you need to edit your opening balance, the button will be Change Opening Balance. 

  What you enter as the opening balance depends on how you want to handle your past transactions:

  1. If you don't plan to enter older transactions that come before the opening balance date in QuickBooks: Enter the ending balance and ending date from your most recent bank statement. Then select OK. This summarizes all of your past transactions. You'll start tracking new transactions going forward.
  2. If you want to enter your past transactions in detail: Decide how far back you want to go. Pick a date that's older than the oldest transaction you want to track in QuickBooks. Your opening balance summarizes everything before the date you pick. Enter the date you picked in the Ending date field. In the Ending balance field, enter the balance of your real-life account for that date. Then select OK. This method prevents you from counting past transactions twice.

You can enter an opening balance for a real-life bank account you just created, or one you've had for a while.

 

Be careful entering the opening balances for accounts on your Balance Sheet. This includes Fixed Asset, Equity, Long-term Liability, Other Assets, Other Current Asset, and Other Current Liability accounts.

 

If you're unsure or have questions, reach out to your accountant. If you don't have an accountant, we can help you find one:

  1. Get your bank statements or sign in to your bank's website.
  2. In QuickBooks Desktop, go to the Company menu and then select Chart of Accounts.
  3. Right-click anywhere on your Chart of Accounts and select New.
  4. Select Fixed Asset, Loan, or Equity. For other types of accounts, select the Other Account Types drop-down and one of the types. Then select Continue. 

  5. Give your account a name. If you have multiple accounts of the same type or at the same bank, give them unique names so they're easy to tell apart.
  6. Fill out the rest of the data fields.
  7. Select Enter Opening Balance. Later on, if you need to edit your opening balance, the button will be Change Opening Balance. What you enter for the opening balance depends on how you want to handle your past transactions:
    • If you don't plan to enter older transactions that come before the opening balance date in QuickBooks: Enter the ending balance and ending date from your most recent bank statement. Then select OK. This summarizes all of your past transactions. You'll start tracking new transactions going forward.
    • If you want to enter your past transactions in detail: Decide how far back you want to go. Pick a date that's older than the oldest transaction you want to track in QuickBooks. Your opening balance summarizes everything before the date you pick. Enter the date you picked in the Ending date field. In the Ending balance field, enter the balance of your real-life account for that date. Then select OK. This method prevents you from counting past transactions twice.
  8.  When you're done, select Save & Close to record the opening balance.

If you have any other questions or concerns, feel free to check out this link highlighting the steps above as well as some more additional details. Thank you for your time and have a lovely afternoon. 

Catherina
Level 1

P&L showing paid invoice twice

Hi. I did reconcile the account. 

But I feel it has to do with me marking the invoice as paid by check, before I reconciled the account.

Any other solutions?

Steve_C
QuickBooks Team

P&L showing paid invoice twice

Hi Catherina. The problem may be in how your received the payment. Check to see if this is the process you used to do so:

 

  1. Click "Customers," and then select "Receive Payments" to open the Receive Payments window.
  2. Choose the "Received From" drop-down menu, and then select the customer's name to view a list of outstanding invoices at the bottom of the Receive Payments window.
  3. Enter the amount of the payment in the Amount box and the date in the Date box.
  4. Select the "PMT. Method" drop-down menu, and then select the payment type. If your customer used a credit or debit card, enter the card number in the "Card No." text box and the expiration date in the "Exp. Date" box.
  5. Click the "Deposit To" drop-down menu, and then select the account used to deposit the payment.
  6. Place a checkmark in the box to the left of the invoice to which you want to apply the payment to. By default, payment is applied to the invoice with the earliest date.
  7. Click "Save & Close" to apply for the payment.

If this is the way you received the payment, it should be set up correctly. I would recommend in this case to check your bank register for an actual duplicate. Here's how:

 

  1. Select Chart of Accounts from the home screen
  2. From there double click the account that's showing the discrepancy. 
  3. Check through the transactions to ensure there are no duplicates. 

If you find a duplicate simply delete it. If you need anything else, just leave a reply someones always ready to help in the community. Have a great day. 

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