Invoice duplicating in cash basis transaction by account report
I have an invoice that is duplicated in the cash basis Transactions by Account report which is throwing off my A/R on my cash basis BS. The 2 transactions look identical except that the 2nd transaction shows the later paid date Mar 17th in the date field instead of the invoice date Mar 2nd. Everything else is the same. The invoice has not been entered twice or paid more than once. The dup does not show on the accrual report. A search of the invoice only shows one transaction. The history only shows one payment. There must be some type of error that would cause the invoice to be on the report, but unusual that it would show up twice. I invoice inventory items. Quickbooks does not support zero cost or zero priced items and I found a zero cost item associated with an item on the invoice. I corrected the item, however the invoice and dup are still showing on the report. Any ideas of what can cause the paid invoice to show on the cash basis report to begin with and in addition a duplicate invoice on the report showing the paid date?
Re: Invoice duplicating in cash basis transaction by account report
It's how the report behaves in a cash basis accounting, DMCar. I'm happy to provide details about it.
The other invoice dated March 17 on your report is an offsetting invoice. It was created when you made a payment on that date, and its purpose was to zero out your A/R. If you’ll add the DEBIT and CREDIT columns, you’ll notice that these two invoices are posted on each side to balance your A/R.
I made a sample invoice dated August 19 and paid on August 20.
If you'll come across with reports like this one, just let me know. I'll be glad to provide insights about how they work.