Invoices/External Deposits/Profit & Loss

jbacchus · ‎August 06, 2023

Hey there.

Here is what I am contending with.

I have invoices that are paid in full. they have been paid directly through QuickBooks invoicing. I am receiving deposits less the QuickBooks fees that show up as "External Deposit Intuit." Both the invoices and deposits are showing up on my P&L Statement. How do I get the invoices to not show up here?

Thank you in advance!

Jovychris_A · ‎August 09, 2023

Thank you for sharing additional details and a screenshot, @jbacchus.

I can see that the system recently added/categorized the External Deposit Intuit amount into your register as income. For this reason, your QuickBooks invoices and the deposit from your Free Checking Account overstated your income. The system should have matched the transactions instead of adding them to the account's register.

To rectify this issue, I suggest utilizing the Undo button from your Categorized tab to return the deposit transaction to your For review tab. Doing this can help you to match and avoid overstating the income in your P & L.

The first step is to undo the categorized transaction:

Go to Bookkeeping. From the Transactions section, select the Bank transactions tab.
Click the Free QuickBooks Checking account tile.
Go to the Categorized tab.
From there, find the deposit in question and then click Undo.

Once done, you'll want to match the invoices manually with the deposit payment:

Click the bank deposit in question from the Free QuickBooks Checking For review tab.
Tick Find match.
Check the invoice boxes.
Once done choosing the possible matches, hit Save.

Feel free to check these articles for more insights about unmatching and matching transactions:

On the other hand, if you're linking your bank account with QuickBooks Payments and at the same time, you're connecting you're real-time bank account to QuickBooks Online. The real-time bank account transaction will truly duplicate your income. You'll want to exclude the deposit transaction after undoing them. Please follow the steps from this article: Exclude a bank transaction you downloaded into your QuickBooks Online.

Additionally, this article guides you on how to link multiple invoice payments moving forward. By using the Undeposited Funds or Payments to Deposit account, you can easily add them to your deposit and easily match deposit transactions to your QuickBooks bank deposit records: Record and make bank deposits in QuickBooks Online.

Feel free to let us know if you have other payments and reports concerns. Anytime we're always ready to help. Stay safe and well.

View solution in original post

JamaicaA · ‎August 06, 2023

We're grateful to have you here, @jbacchus.

It seems there's a duplicate record of the invoice payments and deposits appearing on the Profit & Loss report. Not to worry, I'll share two methods to help you correct the entries shown.

I see you're struggling with the invoices and want to remove them from the report. With this, you can delete them. Doing so will clear the record from your books so it won't appear in any accounts.

Another way to rectify this and remain the record is by linking the deposit to invoices. It will count them as one. To proceed, open the invoice and click the Receive payment button. From there, tick the invoice and deposits. Follow these screenshots as your reference:

If you need to edit the deposit to apply it to an invoice, refer to this article for complete steps: Link a bank deposit to an invoice in QuickBooks Online.

For more ways of receiving customer payments, visit this page: Record invoice payments in QuickBooks Online. It will walk you through documenting partial payments and grouping them into a single deposit.

I'm adding this guide to learn how to personalize invoices and other sales forms: Customize invoices, estimates, and sales receipts in QuickBooks Online.

If I can be of help while working with invoice payments, feel free to let me know by adding a comment below. I'd love to hear how it goes on your end. Have a great rest of your day.

jbacchus · ‎August 07, 2023

Thank you for your response! You have definitely sent me in the right direction, but I am fighting from a different place. My QuickBooks online looks a little different, but I believe I am just on a new look? These invoices I bring up are being paid through QuickBooks payments and get received and categorized automatically. What I did find is that If I go to deposits, I can see a combined deposit with multiple invoices. If I go to my register and I click on the deposit I can select invoices, but it adds to the total amount of the deposit. For example, If I had a deposit of $100.00 with 4 invoices for $25.00, I could select those invoices, but the deposit amount would then say $200. Would I then just delete the original $100.00 since the invoices total $100.00? Thanks again for your help.

DivinaMercy_N · ‎August 07, 2023

Hello there, @jbacchus.

To ensure we're on the same page, could you tell me additional details about your concern? May I ask for a screenshot of the deposit page once you select the invoice? Any information you can add is a great help so I can provide an accurate and timely solution to resolve your issue.

I'll be waiting for your response. Have a good day ahead and stay safe.

jbacchus · ‎August 09, 2023

Sorry for the delay in my response. My concern is my profits on my P&L statement are greater than they actually are. The invoices are showing up on the P&L and so is the deposit that contains multiple invoices. Here is a screenshot of the P&L. Thank you.

Jovychris_A · ‎August 09, 2023

Thank you for sharing additional details and a screenshot, @jbacchus.

I can see that the system recently added/categorized the External Deposit Intuit amount into your register as income. For this reason, your QuickBooks invoices and the deposit from your Free Checking Account overstated your income. The system should have matched the transactions instead of adding them to the account's register.

To rectify this issue, I suggest utilizing the Undo button from your Categorized tab to return the deposit transaction to your For review tab. Doing this can help you to match and avoid overstating the income in your P & L.

The first step is to undo the categorized transaction:

Go to Bookkeeping. From the Transactions section, select the Bank transactions tab.
Click the Free QuickBooks Checking account tile.
Go to the Categorized tab.
From there, find the deposit in question and then click Undo.

Once done, you'll want to match the invoices manually with the deposit payment:

Click the bank deposit in question from the Free QuickBooks Checking For review tab.
Tick Find match.
Check the invoice boxes.
Once done choosing the possible matches, hit Save.

Feel free to check these articles for more insights about unmatching and matching transactions:

On the other hand, if you're linking your bank account with QuickBooks Payments and at the same time, you're connecting you're real-time bank account to QuickBooks Online. The real-time bank account transaction will truly duplicate your income. You'll want to exclude the deposit transaction after undoing them. Please follow the steps from this article: Exclude a bank transaction you downloaded into your QuickBooks Online.

Additionally, this article guides you on how to link multiple invoice payments moving forward. By using the Undeposited Funds or Payments to Deposit account, you can easily add them to your deposit and easily match deposit transactions to your QuickBooks bank deposit records: Record and make bank deposits in QuickBooks Online.

Feel free to let us know if you have other payments and reports concerns. Anytime we're always ready to help. Stay safe and well.

jbacchus · ‎August 11, 2023

Thank you. This has fixed my issue.

JaeAnnC · ‎August 11, 2023

I appreciate the update, @jbacchus.

We're so glad that the troubleshooting shared by my colleague above was able to resolve your issue about invoices and deposits appearing in your Profit and Loss report. It's always a pleasure seeing customers happy with the service we provide.

Please don't hesitate to swing by the Community whenever you need further help about QuickBooks Online. We're always around to assist. Have a nice day ahead!

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