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.

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?

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. 

Hi @Ryan_M,

I am having a similar issue, but want to make sure we're understanding correctly. On our P&L, both invoices and deposits are showing as income, therefore doubling our income amount YTD. Is there a way to match past transactions? And how do we ensure that future transactions match - are there extra steps to take once the deposit is made? Are there certain settings that need to be set up?

Thanks,

Kim Carlson

Hi @Ryan_M,

I am having a similar issue, but want to make sure we're understanding correctly. On our P&L, both invoices and deposits are showing as income, therefore doubling our income amount YTD. Is there a way to match past transactions? And how do we ensure that future transactions match - are there extra steps to take once the deposit is made? Are there certain settings that need to be set up?

Thanks,

Kim Carlson

Hi there, Kim Carlson.

I'd like to make sure we're on the same page. 

Did you add the deposit from the Banking page? If so, this might be the reason why you have a double income in your Profit and Loss report.

While QuickBooks desktop doesn't have the undo button. you'll want to recategorize the transaction to the correct account by editing it in the register.

Here's how: 

1. Go to Lists > Chart of Accounts.
2. Double-click on the bank account to see the register. 
3. Find the downloaded transaction. Note: You can use the Find command tool to see the transactions easily. Just click the Go to button at the top left, then enter the desired filters. Click Back or Next to locate them. 
4. Double-click to Edit the transaction.
5. Hit Save & Close.

To avoid this issue moving forward, you can do the following:

• Create an invoice.
• Receive payment from that invoice. Make sure the transaction is deposited to the Undeposited Funds account.
• Record a deposit the payment.
• Match the deposit to the transaction downloaded in the Bank Feeds.  

I'm also adding this article for reference: Get started with customer transaction workflows in QuickBooks Desktop

Please let me know how things go after trying out the steps. I'll be around to help you out some more. Take care and stay safe!

Hello,

I've read the forum here but am having the same issue.  The funds deposited into my bank account in the form of a wire transfer are then double counted in sales. It seems there is the 'invoice' in the sales area of my P&L, but then also the 'deposit', so it's double counting. I tried unreconciling the wire, and it's 'for review' in the banking tab of my bank account, but when I go to match it doesn't match just to one thing, there is the invoice and also a payment.  

We had to go to our tax accountant today and have numbers done, so we wound up making a separate account in the chart of accounts to subtract these extra charges for the time being, but I'd like to be able to fix them so it's cleaned up.  Any chance you can help me or call me/log in and see what I'm talking about? I'm in Quickbooks Online and use Quickbooks Payments (although obviously this was a wire payment that didn't go through QuickBooks but should match to the QuickBooks invoice).

Thanks,

Jessica

Appreciate you posting here, @redheadj.

For us to be able to understand and have a better view of your account. I suggest connecting with Technical Support Team. They will be able to dive into your account and share your screen, to determine exactly what's going on. Follow these steps to contact us:

1. Go to the Help menu.
2. Press the QuickBooks Desktop Help option.
3. Click the Contact Us button/hyperlink.
4. Enter your question and hit Let's talk.
5. Scroll down and choose to Get a callback.

You can also check out our operating hours so that you can get the help you need on  time. 

If you ever need further assistance, do not hesitate to reply to this thread. I'll listen to you and give you my support. Keep safe. 

Thanks, Daniela.  I was on the phone with them for two hours tonight, and we did not resolve it.  Perhaps someone else tomorrow could help.  Is there any specific person or group or is there a way you could connect?

Thanks,

Jessica