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stage1srvs-gmail
May 30, 2024 4:35 PM UTC
Question

Why profit and loss report is showing higher income due to QB counting paid Invoices, Sales Receipts, and Deposits and separate income?

One transaction is being counted as two or three. Only on Income

4 replies

SashaMC
May 30, 2024 6:25 PM UTC

Hello stage1srvs-gmail,

 

Welcome to the QuickBooks Community! I want to verify the process you are using to record the transaction. Usually, the process is set up this way, as listed below:
 

  1. Records an invoice or a sales receipt
  2. Assigns transaction to Undeposited Funds
  3. Creates a deposit using what's in Undeposited Funds.

 

If all three transactions go to the bank register, that would explain why the income is so high. Please let me know if this is the case. I will be here if you have further questions! See you soon. 

stage1srvs-gmailAuthor
Jun 13, 2024 1:35 PM UTC

Hi Sasha. The bank register is showing correct transactions. No duplicates. My actual bank balance and register match. 
My Undeposited Funds account is zero. 
for each deposit, in the Undeposited Funds account, I see a deposit and a payment. If that helps. 

 

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