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Level 1

Double Income on P and L

I use bank feeds and when i receive a payment I apply them to invoices they belong to.  However, when I do bank feeds, the deposits go into the "sales" account.  I assume that is making my p and l having double income.  How do I fix this?  Do I delete the bank feed deposits since they are already recorded?  Is there a better way?  Do I ignore them in the future if I already applied the payments to the invoices?


Thanks,


Brian

3 Comments
Community Champion

Double Income on P and L

Avoid this by creating your deposits first so they'll include the payment transactions in them instated of using an income account.

Level 1

Double Income on P and L

How do I fix it so that its not showing on a p and l for previous months as income along with the invoices?  Do I delete the bank feed deposit transactions since the deposits are already logged?

QuickBooks Team

Double Income on P and L

Hi @bmarotta,

 

Allow me to join this thread and share insight on your query about banking in QuickBooks Desktop (QBDT).

 

Yes, you can delete those transactions found in the bank's register since they are duplicates. Moving forward, you can match your deposit bank feeds in case you already recorded payment for an invoice. Otherwise, you can add that bank transaction. 

 

Additional details on these 2 processes are in this article: Add and match Bank Feed transactions in QuickBooks Desktop. It also includes a checklist on how you can review downloaded transactions. 

 

When you're done, don't forget to reconcile your bank account to ensure its balance is the same as your actual bank account. See this article for details: Reconcile an account in QuickBooks Desktop

 

Place a comment below if you need further assistance. I'll get back to you as soon as I can. 

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