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livefree888
March 4, 2025
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How to correctly record services on an invoice versus payments of that invoice

  • March 4, 2025
  • 1 reply
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Hi folks -- very basic question but how do I record services that I invoice versus payments for those invoices? right now both are being recorded as consulting income and that doesn't seem right as it doubles this account. Thanks! So when I get my bank entries and categorize payments, I was doing those as consulting income but that doesn't look right as such is the same category as services which are on the invoices. Thanks!

Best answer by Rainflurry

@livefree888 

 

Record the invoice (New > Invoice).  Then, when the customer pays the invoice, receive payment (New > Receive payment) on the invoice.  When you pull in your bank transactions, match the deposit to the payment (QB should find the match).  Don't "Add" the transaction.  If you "Add" it and categorize it as income, you will be creating a duplicate entry that doubles your income and creates a duplicate deposit.    

1 reply

Rainflurry
RainflurryAnswer
March 4, 2025

@livefree888 

 

Record the invoice (New > Invoice).  Then, when the customer pays the invoice, receive payment (New > Receive payment) on the invoice.  When you pull in your bank transactions, match the deposit to the payment (QB should find the match).  Don't "Add" the transaction.  If you "Add" it and categorize it as income, you will be creating a duplicate entry that doubles your income and creates a duplicate deposit.    

    L
    livefree888Author
    March 4, 2025

    Thank you!

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