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Community Explorer **

QuickBooks revenue amount is more than actual

Hi there, I'm super new to QuickBooks. I've worked in accounting for the last 18 years. I was hired for a freelance assignment, to reconcile a years worth of transactions. I was only hired to reconcile which I've done through July. The customer contacted me today and asked why his revenue amount showing in Quickbooks is double his actual revenue amount. He does his own invoicing so I'm not sure if its something I've done or something he's doing. Is this a common problem and how can I correct this. Thanks!

Solved
Best answer 06-10-2019

Accepted Solutions
Moderator

Re: QuickBooks revenue amount is more than actual

We can figure out what's causing the increase, topshelf.

 

As long as the bank accounts are reconciled, you are good. There's nothing for you to worry about. 

 

Let's run some reports to verify which accounts your customer mentioned that get doubled. You can start with these:

  • Reconciliation Report
  • Balance Sheet Report
  • Profit and Loss Report

Compare each report to verify if there's a discrepancy. If there is, please check out this article to fix it: Fix Reconciliation Discrepancies.

 
You might also want to see this article to get solutions on how to fix bank discrepancies: How to fix differences between QuickBooks balance and bank balance.

Please get back to us if you've got another question.  We are right here to help you.

Highlighted
QuickBooks Team

Re: QuickBooks revenue amount is more than actual

Thanks for getting back to this thread, @topshelf.

 

Allow me to step in and help correct the Profit and Loss discrepancy in QuickBooks Online (QBO). 

 

I appreciate the additional details you've added. In this case, since you're customer used the Undeposited funds and you processed bank deposit, it will lead to duplicate recording of the transaction which causes an over statement. 

 

To correct this, you need to delete the deposit you've made. Then you can process bank deposit again and make sure to link your customer's transactions that were recorded to the Undeposited funds to combine payments. 

 

To delete a deposit, here's how:

  1. In the left tab, select Sales.
  2. Click Customers.
  3. Look for you customer's name.
  4. Select Transaction List.
  5. Click Deposit.
  6. Select More.
  7. Click Delete, then Yes.

Once done, you can record a bank deposit in QuickBooks to combine payments by following the detailed steps in this article: Record and Manage Bank Deposits in QuickBooks Online

 

If you need further assistance with the steps, I recommend contacting our QuickBooks Online Support Team. They have additional tools to pull up your account and do a screen-sharing.

 

Here's how you can contact our customer support:

  1. Sign in to your QuickBooks Online company.
  2. Select Help (question mark icon) at the top right.
  3. Select Contact us to connect with a live support agent.

That should do it! Feel free to leave a comment below if you have other questions about the bank deposit. I'll be around to help you out. Wishing you and your business continued success. 

3 Comments
Moderator

Re: QuickBooks revenue amount is more than actual

We can figure out what's causing the increase, topshelf.

 

As long as the bank accounts are reconciled, you are good. There's nothing for you to worry about. 

 

Let's run some reports to verify which accounts your customer mentioned that get doubled. You can start with these:

  • Reconciliation Report
  • Balance Sheet Report
  • Profit and Loss Report

Compare each report to verify if there's a discrepancy. If there is, please check out this article to fix it: Fix Reconciliation Discrepancies.

 
You might also want to see this article to get solutions on how to fix bank discrepancies: How to fix differences between QuickBooks balance and bank balance.

Please get back to us if you've got another question.  We are right here to help you.

Community Explorer **

Re: QuickBooks revenue amount is more than actual

Thanks so much for your response, GarlynGay.  He's looking at his P & L. He doesn't want to link his bank account with QuickBooks and to reconcile his books I've been entering transactions as they appear on his bank statement. In researching what may be the problem I see he does have the undeposited funds feature on. Since I have entered his deposits instead of linking his deposits to the undeposit funds, I believe this has created the over statement? Am I headed in the right direction? 

His total income is about $141K more than it should be for the year.

I appreciate your support!

 

Highlighted
QuickBooks Team

Re: QuickBooks revenue amount is more than actual

Thanks for getting back to this thread, @topshelf.

 

Allow me to step in and help correct the Profit and Loss discrepancy in QuickBooks Online (QBO). 

 

I appreciate the additional details you've added. In this case, since you're customer used the Undeposited funds and you processed bank deposit, it will lead to duplicate recording of the transaction which causes an over statement. 

 

To correct this, you need to delete the deposit you've made. Then you can process bank deposit again and make sure to link your customer's transactions that were recorded to the Undeposited funds to combine payments. 

 

To delete a deposit, here's how:

  1. In the left tab, select Sales.
  2. Click Customers.
  3. Look for you customer's name.
  4. Select Transaction List.
  5. Click Deposit.
  6. Select More.
  7. Click Delete, then Yes.

Once done, you can record a bank deposit in QuickBooks to combine payments by following the detailed steps in this article: Record and Manage Bank Deposits in QuickBooks Online

 

If you need further assistance with the steps, I recommend contacting our QuickBooks Online Support Team. They have additional tools to pull up your account and do a screen-sharing.

 

Here's how you can contact our customer support:

  1. Sign in to your QuickBooks Online company.
  2. Select Help (question mark icon) at the top right.
  3. Select Contact us to connect with a live support agent.

That should do it! Feel free to leave a comment below if you have other questions about the bank deposit. I'll be around to help you out. Wishing you and your business continued success.