Accountant reports show double income

Hi there, gbailey75.

Thank you for visiting the QuickBooks Community. Please know that we aim to deliver customer satisfaction and fix an issue as soon as possible. With this, may ask for additional information about your concern like providing screenshots of your end? so I can see what are you referring to? I appreciate any further details so I can present an accurate solution.

For now, you may open this article to see details on how you can customize reports in QBO, and format the layout so the right data shows up in the right place: Customize reports in QuickBooks Online.

Please don't hesitate to comment below and add extra details about your concern. I'm always around to help, gbailey75. Have a great day!

@gbailey75 

It's possible you are recording the deposits as income when they should be matched to the invoice payments.  If that's the case, it will double your income.

here's an example from the general ledger. It shows invoices and deposits, duplicating the amount so our gross income is doubled when running this and other reports.

Hello, gbailey75.

I appreciate the screenshot and for taking the time to get back to us. 

I'd like to ask some clarifications and details on how this happened. This way, we can get to the bottom of this and fix the double income. 

In relation to Rainflurry's response, are you by any chance using the Online Banking Feature? Did you add those deposits instead of matching them? 

Also, how did you record those invoices for retainers and if you're not using the Online Banking feature, the deposits? I'd like to review the workflow to find out the root cause of the problem. 

This might also help but perhaps those transactions are booked twice since I'm seeing different dates. Are there any other users that handle the deposits and invoices? 

More details would definitely help, so I'm looking forward to your reply. 

I think i may have added the deposits instead of matching them. not sure i know how to match.

Thanks for the prompt response, @gbailey75.

I'm here to share some insights about matching your deposits to your invoices in QuickBooks Online (QBO).

If your deposits are in the bank feeds, you can match them to your invoices by following these steps:

1. Find a downloaded transaction with the Match option in the Action column.
2. Note the Date, Description, Payee, and amount spent or received. Or click the downloaded transaction to expand the view.
3. Review the Matching records found in QuickBooks. Select the link next to each match to get more details.
4. Make sure this is the correct match by reviewing the Deposit to, Payment method, and Bank account fields on forms for the existing transaction in QuickBooks.
5. If this is the correct match, close the open transaction. Then, tap Match.

However, you can link the deposits to your invoice payments instead if you've recorded them manually. Just check these few things before linking a deposit to an invoice:

• Ensure you've created an invoice for the customer.
• Verify that the payment hasn't been entered and linked to the invoice.
• Ensure the payment was entered through Bank Deposit and not through Receive Payment.
• Verify that you haven’t entered and linked the payment to the invoice.

Once verified, you can follow this article to find the deposit entry on your bank register and apply the deposit entries as invoice payments: Link a bank deposit to an invoice in QuickBooks Online.

Once you're good with your transactions, you can reconcile an account in QBO. If everything matches up with your bank or credit card statements, you know your accounts are balanced and accurate.

Please let me know if you need further assistance matching your deposits to your invoices in QBO. I’ll be more than happy to work with you again. Have a good one!

I go to Banking in QB online. I can see all of my bank transactions for 2022. I can only see undo under actions. Do I undo all the deposits and see if it can match to an invoice? I see my current bank balance -- it's way off from the QB bank balance.

I have a spreadsheet that shows our 2022 paid invoices (which includes some reimbursable expenses) so I know the true income for 2022. 

Would it be simpler to unlink my bank account? Is that possible? 

Hello, gbailey75. 

I'll help you match the transactions to your invoice in QuickBooks Online (QBO).  

Yes, you can undo the transaction, and this will return to the review tab. From there, you can begin categorizing and matching them to ensure your books are accurate and balanced.

Yes, you can delete your bank accounts in QuickBooks. However, we don't advise you to delete it. It's because the uncategorized transactions will also be deleted. Instead of deleting your bank account, you can categorize and match them. So you don't get any duplicate transactions.

1. Go to Banking. 
2. Choose the Bank account. 
3. From the for review tab, select the transaction and click Categorize. 
4. Enter all the details needed. Then tap Add, once done.

Once everything is balance and accurate, you can start reconciling your bank accounts in QBO. This will help ensure your QuickBooks transactions match your bank statement.

Please let me know if you have any other inquiries concerning your transactions.  I'm more than happy to help. Wishing you a good one!