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marisa-brainbode
Level 1

My income from invoices and deposits keeps showing as double the value. How can I fix it? The invoice amounts are correct. I do not have this issue with expenses.

 
8 Comments 8
Jovychris_A
Moderator

My income from invoices and deposits keeps showing as double the value. How can I fix it? The invoice amounts are correct. I do not have this issue with expenses.

I can help you track what's causing the double value in your income, @marisa-brainbode.

 

You may have recorded deposits and place them on a specific income account. At the same time, you may have used the Receive payment feature to record customer payments. It can cause duplicate income.

 

To fix this, you can pull up the Deposit Detail report and remove the deposit. Here's how:

 

  1. Click the Search icon on the top right.
  2. Type deposit in the textbox and then select Deposit Detail.
  3. From the Deposit Detail report window, change the Report period to when you recorded the invoice payments or deposits and then click the Deposit.
  4. From the Bank Deposit window, click More and then choose Delete.

 

However, if you're only recording the customer deposits and didn't used the Receive payment feature, you can pair the customer bank deposit to an invoice. See this article for the detailed steps: How to link a deposit to an invoice.

 

Also, if you're currently using the Banking page and downloaded the entries from your bank, you may have added the entries to your account register. The customer payments received should be matched to a specific invoice or deposit instead of adding them directly to the account register.

 

Here's how to get the recently added transactions back to the For Review tab:

  1. Go to the Transactions/Banking menu and then select Banking.
  2. In the Categorized/Reviewed tab, click the Undo button to return the added transactions in the For Review tab.

 

Then you can pair the online banking entries to your QuickBooks records. For more information, take a look at this article: Categorize and match online bank transactions in QuickBooks Online.

 

When you're ready to secure your monthly transactions, it's time to reconcile your account in QuickBooks Online to match your QuickBooks entries with your bank account statement.

 

Add something here if you have additional concerns about duplicate income. I'll answer them for you. Take care and have a nice day ahead!

marisa-brainbode
Level 1

My income from invoices and deposits keeps showing as double the value. How can I fix it? The invoice amounts are correct. I do not have this issue with expenses.

Thank you.  How am I supposed to know which correction route to take? E.g. recorded deposits and Receive payment vs. only recording the customer's deposit vs. Banking downloads matching a specific invoice?

AbegailS_
QuickBooks Team

My income from invoices and deposits keeps showing as double the value. How can I fix it? The invoice amounts are correct. I do not have this issue with expenses.

Hi there, Marisa.

 

Allow me to step in and provide additional information to help you manage your transactions smoothly.

 

You can do either way, as long as the transactions are recorded correctly and the existing invoices are paid.

 

Once you have manually added and downloaded transactions, please make sure to match them from the Banking page. This way, you can avoid double amounts or duplicate entries.

 

For more details, use this link for reference when recording and making deposit : Record and make bank deposits in QuickBooks Online

 

You can also check out this article to learn more about  reconciling your account  for future reference: Reconcile an account in QuickBooks Online

 

Please let me know how else I can help you with your  transactions in QuickBooks. It's my pleasure to provide additional assistance. Keep safe!

 

Wangming
Level 1

My income from invoices and deposits keeps showing as double the value. How can I fix it? The invoice amounts are correct. I do not have this issue with expenses.

If you delete the deposit entry, it will put you out of balance. We got this popup when trying to delete the entry:

 

The transaction you are deleting has been reconciled. Deleting your changes could put you out of balance the next time you try to reconcile. Are you sure you want to delete it?

 

So my question is, if we proceed to delete the bank deposit entry, how do we put the account in balance again?

 

Thank you

James

 

 

Wangming
Level 1

My income from invoices and deposits keeps showing as double the value. How can I fix it? The invoice amounts are correct. I do not have this issue with expenses.

When trying to delete the bank deposit detail entry as suggested, there is a popup message stating:

 

The transaction you are deleting has been reconciled. Deleting your changes could put you out of balance the next time you try to reconcile. Are you sure you want to delete it?

 

How do we reconcile again after deleting?

 

Thank you

James

JessT
Moderator

My income from invoices and deposits keeps showing as double the value. How can I fix it? The invoice amounts are correct. I do not have this issue with expenses.

Hi James,

 

If you entered that deposit by mistake, just delete it. Then, re-reconcile all the transactions of the month where it belongs. Meaning you have to unreconcile each transaction and reconcile that month again.

 

If the date of the deposit is in September, redo your September reconciliation after deleting the deposit. If the date is in August, and you've reconciled August and September, redo your August and September reconciliation.

 

Feel free to go back to this thread if you have any other questions in mind.

Wangming
Level 1

My income from invoices and deposits keeps showing as double the value. How can I fix it? The invoice amounts are correct. I do not have this issue with expenses.

HI Jess,

Thank you for the advice.

 

So how do we do the reconciliation all the way back to March for the deleted bank deposit entries?

 

Our problem started in March, the same issue as described in the beginning of this thread. Our new bookkeeper started to mark the invoices as "Received Payment" and reconcile the bank deposit entries into the "Sales of product income", thus it results in double income.

 

How do we redo the past reconciliation? Because we deleted those bank deposit entries to fix the double income entries as started in the beginning, how are we able to reconcile that month's bank statement? With those deleted deposit entries, the remaining entries in our checking account won't add up to the difference of the ending balance and the beginning balance?

 

I appreciate your advice

 

Thank you

James

 

LollyNino_C
QuickBooks Team

My income from invoices and deposits keeps showing as double the value. How can I fix it? The invoice amounts are correct. I do not have this issue with expenses.

Thank you for getting back to us, @Wangming

 

My colleague @JessT mentioned above that you can re-reconcile all the transactions of the month. You can remove the deposit if you entered it incorrectly. Reconcile all of the month's transactions after that in the proper place. In order to reconcile that month again, you can unreconciled each transaction.

 

If the deposit date falls in September, delete the deposit and then do your September reconciliation. Reconcile August and September if the date is in August and you already did it for August and September.

 

To avoid messing up your books, I recommend consulting an accountant to further guide you through the process. 

 

If you have any additional concerns regarding duplicating revenue, please add anything below. I'll respond to your questions. Have a safe night and a good day tomorrow!

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