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Level 1

Revenue Doubled in QBO

I've reconciled a full year of transactions in QBO against the bank statements.  Yet when I run a P&L for the year, the revenue is doubled.  Not sure why?  Owner only sends out invoices, I do the review/categorization of the transaction.  Any suggestions?

 

KB01

4 Comments
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Moderator

Revenue Doubled in QBO

Glad to see you in the Community, @KB01.

 

This may depend on the scenario. The transactions coming in from the bank feeds may be posted on the income account. This will result as duplicate if you've created invoices in QuickBooks. 

Instead of adding the transactions, you'll have to match them with your existing invoices in the system. 

 

Or, deposits coming in from the bank feeds should be categorized as Accounts Receivable and not as income.

 

If you fit on either of the given scenarios, you can exclude the duplicate transactions so that your balance will match when you reconcile the account. 

Here's how: 

 

  1. Go back to your For Review page.
  2. Check the box next to the transaction you want to exclude.
  3. Select the Batch action drop-down and select Exclude selected.

I'll include this article for more information: Match and categorize bank transactions in QuickBooks Online.

 

I recommend the following article for additional things to consider, as well as steps for undoing a reconciliation should you choose to do so: How to Unreconcile a Transaction or Undo a Reconciliation

Know that I'm always here to help if you have other questions. Take care and have a nice day!

Highlighted
Level 1

Revenue Doubled in QBO

Thanks for the response! I believe it is a case of a bit of both of those scenarios... the part that i am struggling with is that  i have reconciled the entire year with no issues..does that mean that reports are not driven by reconciled accounts by by reviewed transactions?

 

I'll review the article, but may be back for more questions!!

 

thanks so much

Highlighted
QuickBooks Team

Revenue Doubled in QBO

Hi KB01,

 

Reports aren't driven by reconciled accounts since reconciliation and income reports are separate. As mentioned by @IntuitLily, the transactions coming in from the bank feeds may be posted on the income account which cause duplicate transactions once  transactions are added. You'll want to match the transactions  instead of adding it to prevent duplicates.

 

Another reason why you're seeing double revenue  is if you've received payment and deposited it to Undeposited funds. When transactions were downloaded you've added them as income. 

 

You can also run basic reports in QuickBooks Online (QBO), please check this article: Run Reports in QuickBooks Online.

 

Feel free to touch base with us if you  need further assistance. We're always here to help.

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Level 1

Revenue Doubled in QBO

Thanks!! this is all helpful...

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