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A
arkvalleyinfo
November 27, 2018
Question

Any ideas why profit and loss report is recording both my invoices and my intuit deposits ( that were to pay the invoices) as income. Hence doubling my reported income?

  • November 27, 2018
  • 4 replies
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Original commenter did not share additional details

    4 replies

    HoneyLynn_G
    HoneyLynn_G
    November 27, 2018

    Hi there, @arkvalleyinfo.

     

    Welcome to the Community. I can share some insights why your Profit and Loss report is recording both the invoices and Intuit deposits.

     

    Did you download and add your transactions into QuickBooks? If you've already created invoices, you will no longer have to add the deposits, rather, you will have to match them. Adding them will result in doubling of your income report.

     

    To resolve this, you will have to undo the added transactions and match them instead. Here's how to undo:

    1. Click Banking.
    2. Select the bank to work with.
    3. Choose the In QuickBooks tab.
    4. Look for the transaction and click Undo.

    These transactions will go back on the For Review tab. Here's how to match transactions:

    1. Under the For Review tab, click the transaction.
    2. Choose the Find Match radio-button (see screenshot).
    3. On the Match Transaction window, select the invoice transaction by putting a check mark.
    4. Click Save.

    That should clear out the duplicates on the Profit and Loss report. For additional information, please refer to these articles:

    I'm more than happy to jump back on if you have any other concerns about QuickBooks, please let me know by adding a comment. Have a good one!

    A
    ajselectric777
    September 20, 2019

    How would this be corrected if the accounts are already reconciled?

    R
    Ryan_M
    September 20, 2019

    Hi @ajselectric777,

     

    I'd suggest for you to undo your reconciliation period with the duplicate income.

     

    Let me show you how:

    1. From the Gear icon, select Chart of Accounts.
    2. Search for the appropriate account for the transaction.
    3. From the Action column, select View register link.
    4. Select the transaction to edit.
    5. In the reconcile status column indicated by a checkmark, repeatedly select the box on the top line of the transaction to change the status of the transaction.
      • C - Cleared
      • R - Reconciled
      • Blank - Not cleared or reconciled
    6. Select Save.

    Once done, you can redo the same reconciliation period and ensure all the correct transactions are accounted for. You can print a copy of your bank statement of that same period to be sure you're not missing anything.


    If you have an accountant user in your QuickBooks Online company, then it would be easier. You can forward them this article: Undo your client’s reconciliations with QuickBooks Online Accountant. Accountant users have the feature to undo their client's reconciliation period.

     

    In case you have any other questions regarding reconciliation, post a comment below. I'll get back to you as soon as I can.

    R
    Rasa-LilaM
    March 4, 2020


    Welcome to this thread, @PRWeld.


    The Profit and Loss Report will show a double income when there are duplicate entries recorded. Let’s open the register and drill down each transaction.


    From there, delete the identical transactions to correct your records. I suggest you get a copy of the bank statement and use it to compare the data entered in the chart of accounts.


    The process is a breeze, and I’m here to help. Here’s how:

     

    1. In your company file, go the Lists menu to choose Chart of Accounts.
    2. This will take you to the lists of accounts recorded.
    3. From there, double-click the register you’re working on to see more details.
    4. Then, look for the duplicate deposits.
    5. Once found, right-click your mouse beside each deposit and then choose Delete Payment.
    6. Another window will pop-up information about the action.
    7. Click OK to confirm.

    If you have a merchant account, make sure to match the payments to the invoices. This is to avoid duplication of transactions.


    Follow the same steps to remove duplicate transactions. To keep your records in tip-top share, you can consider using the Undeposited Funds account to hold your customer payments.


    Here’s an article that provides an overview of entering bank deposits. It also contains instructions on how to review payments and screenshots for visual reference: Deposit payments into the Undeposited Funds account.


    By following these steps, the Profit and Loss Report will display the correct income information.


    Keep me posted if you need further assistance while working in QuickBooks. I’m here to help and make sure you’re taken care of. Have a good one.

    R
    rmgallegos
    November 16, 2020

    why does my profit and loss add both my invoices and deposits? This is making it look like I made double the money? I us the Undeposited funds account, and it is showing a zero balance.

      C
      ChristieAnn 11
      November 17, 2020

      Hi there, rmgallegos.

       

      Thank you for posting here in QuickBooks Community. I'll provide different information on why the Profit and loss report add both and deposits and steps on how to fix this.

       

      As mentioned above, if you've already created invoices and you download transactions for deposits, you'll need to match them to avoid duplicate. That said, it could be that deposits are being added as a Bank deposit using an income account. That's the reason you have both invoices and deposits in your P&L report. To sort this issue, I'd suggest undoing the added transaction so that the entry will go back to the For Review tab and then, match them.

       

      Here's how to undo:

       

      1. On the left panel, click Banking.
      2. Select a bank account.
      3. Go to the Reviewed/Categorized tab.
      4. Put a checkmark on the transactions you want to undo.
      5. Click Undo.

       

      Once done, you can now match the transactions. Please click this article to see the detailed steps: Categorize and match online bank transactions in QuickBooks Online.

       

      If both invoices and deposits are manually entered in QuickBooks Online, it could be the two entries are not linked. That's the reason it shows both on the report as a double income. With this, I'd recommend linking the deposit to an invoice to ensures that you gave accurate records and helps avoid errors when you reconcile your accounts. To see the details and instructions, you can open this article: How to link a deposit to an invoice.

       

      Please refer to this article on how you can customize your reports to focus on the details that you want to view: Customize reports in QuickBooks Online.

       

      Please stay in touch if you have any other questions about running the P&L report in QuickBooks Online. I'll be happy to help you out. Wishing you and your business continued success.

      B
      BeverlytM
      March 21, 2022

      How do I fix this if the bank I used then (last year) is no longer the bank I use now?  

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