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In September we created an invoice for $4850.00 in Square and the customer paid a $2910 deposit via check. We marked the payment against the invoice in Square and it came across in our feed to QB and once we deposited the check, the deposit came across in our bank feed. We matched the transactions and because we are using cash accounting the deposit money shows in September on the P&L. On November 1st we finished the job and the customer paid the remaining balance $1940 via check. We again went into Square and marked the payment making the invoice complete in Square. In the feed from Square that night, the "entire" invoice came over and has been "posted" in QB as follows: On my P&L for November, the Square Income line shows $4850: If I select that line it shows the invoice for the entire job - even though I have been paid and record part of it in September. If I look at the invoice it also shows 2 payments , one for $2910, one for $1940 but both have a date of 11/1??
So now my income for November is inflated by the previous deposit we received and I have a whole bunch of transactions from this year that are like that. How can I fix these?
Hello Dinx!
It's because of the date why both payments are showing on the November accrual basis of P&L. I'm here to help you in fixing it.
You'll want to open the $2,910 payment and change the date. On your screenshot, click the date hyperlink to open the transaction. From there, edit the date and change it to September.
Please check this article to understand more how the two accounting methods affect your data: Cash vs. accrual accounting: What’s best for your small business?.
Also, here's a guide in customizing your reports to get accurate data: Customize reports in QuickBooks Online.
Leave a comment below if you have additional concerns with your deposits. I'll help you!
