Markup on Invoices Recorded to Wrong Item

Welcome to the Community, MetisRick.

I'm here to assist you in categorizing your invoice to a correct income account.

You'll have to directly edit the income account of the mark-up item from the Lists menu. This is to ensure that your company has an accurate record of your sales transactions. Here's how:

1. Go to the Lists menu.
2. Select Item Lists, then locate the appropriate mark-up item.
3. Double-click the item to open it.
4. Select "Repair Income" from the Income Account drop-down menu.
5. Click OK, then choose Yes from the Would you like to also update existing transaction window. This way, the changes will also be applied to your past transactions.

Additionally, I've included an article that will help you manage your items in QuickBooks Desktop: Add, edit, and delete items.

Feel welcome to visit us again with any concerns or questions you may have. We've got you covered.

Thanks for your response. This does NOT address the issue that I need to correct. This would make a global change to all the transactions in this category. I need to correct "one of many" transactions.

For Example, if I look at a detailed report that shows income I may see something like this

11/1/2021    Repair Income $100.00

11/7/2021    Repair Income $87.82

11/9/2021    Repair Income $151.12

11/10/2021    Repair Income $23.12

11/11/2021    Repair Income $14.12

11/14/2021    Repair Income $2000.00

11/17/2021    Repair Income $88.15

The transaction on 11/14/2021 is categorized as Repair Income. It should actually be Rental Income. It was entered into the system using the Markup Feature for an invoice. I want to edit that one transaction without deleting and recreating multiple invoices. Recategorize the transaction that was entered incorrectly. (This happens because when using the Markup feature it automatically defaults to the category most recently used.)

Thanks. 

I can share additional information about this, MetisRick.

Creating an additional markup account is currently unavailable in QuickBooks Desktop. As a workaround, you can manually create a markup item and add it to the invoice. Take note that you need to manually calculate the markup price and edit it on the invoice. Just ensure to use the correct markup account.

Here's how to create a new item:

1. Go to the Lists menu.
2. Select Item List.
3. From the Item dropdown, click New.
4. Choose the Type.
5. Enter the Item Name(Markup), then select the Rental Income under the Income account dropdown.
6. Once done. hit OK.

After that, add the newly created markup item to the affected transaction or invoice. You can zero out the amount for the automatically generated markup item. You can see an example of this in the image below.

In addition, check out this article if you want to personalize your report so it only shows the information you need: Customize reports in QuickBooks Desktop.

You can simply add any details below if you have further questions or concerns. The Community is always here to help you.

This is NOT a question about adding another Markup Account. I have all the various income groups that I need. This is attempting to correct a data entry error.... the wrong account was selected. I want to edit the entry to move the income into the correct account. 

I’m here to help so you can recategorize this transaction with the correct income account, @MetisRick.

You can create a journal entry in QuickBooks Desktop to move the income into the correct account. Before that, I suggest contacting an accountant to guide you further. They can help ensure your books are always accurate. Then, you can follow the steps below:

1. Go to the Company menu and select Make General Journal Entries.
2. Fill out the fields to create your journal entry. Make sure your debits equal your credits when you’re done.
3. Select Save & Close.

You can generate a report after to measure and check the health of your company: Understand reports. You also have the option to memorize it so you can access the information quickly without going through the customization process again.

We’re always here to help if you have any other questions or concerns besides categorizing your transaction. Just leave us a message. Take care!