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@Ellie16 wrote:

Could you please clarify something for me....

 

I use qb online and have my bank account linked to the account.

 

When I apply 'receive payments' for outstanding  invoices the money goes in towards my sales. For example, if there are $5000 in outstanding invoices and I mark those payed, the $5000 now goes towards my total sales.  

 

My question is, when my banking shows there was a $5000 deposit of sales into my bank account (due to physically depositing $5000 worth of checks into the bank) do I confirm this payment or will it add the $5000 again towards my sales as I have already applied it to the outstanding invoices?  Is this double entering the sales?


 

"My question is, when my banking shows there was a $5000 deposit of sales into my bank account (due to physically depositing $5000 worth of checks into the bank) do I confirm this payment or will it add the $5000 again towards my sales as I have already applied it to the outstanding invoices?  Is this double entering the sales?"

 

On the Banking tab, you should never ADD deposit to sales, if you have created an invoice. Adding a deposit will create duplicate income for the same transaction. On the Banking tab, you should Match or find a match for that $5,000 invoice. 

 

These are the steps to follow in QuickBooks.

1. Create Invoice

2. Receive payment on invoice (when you the payment from the customer and show invoice as paid)

    a) Select Payment method: Cash > Select payment date and select Deposit to Cash on Hand account (or deposit to the bank account if you are depositing to the bank exactly the same amount. For example, you created an invoice for $5,000, received payment for $5,000, and deposit the same $5,000 to the bank account).

   b) Select Payment method: Check > Select payment date and select Deposit to Undeposited Funds account — if these checks are not immediately deposited to the bank or you will be deposited in batch with checks from the customers. In this case, on the banking tab, when you see the deposit, try to match/confirm or select find a match.

 

This is how to avoid duplicate sales for the same transaction. Hope this helps!

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