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DrKB
October 13, 2018
Solved

Double counting of expense/bill and cleared checks

  • October 13, 2018
  • 1 reply
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I'm obviously doing something wrong, as I'm double counting many expenses and bills.

 

When I receive a bill from a vendor, I enter that bill as an expense in QBs.  I then 'make the payment' on that bill and print/mail the check to the vendor.  (the first expense transaction listed in QBs).

 

Once the vendor deposits/cashes the check (ie. clears my bank) and that transaction is accepted and added to my register.  (the second transaction listed in QBs).

 

All of my QBs transactions that had checks input and printed from QBs have resulted in double counting of expenses, and is negatively affecting my P&Ls. 

 

What is the best way to fix the problem(s) that have already occurred, and the best way to prevent them again going forward?

 

Please help!

    Best answer by lynda11_2

    For credit card transactions, most people just download them (instead of matching).  It is really up to you and how you want to do the workflow.  If you prefer to enter the receipts as you get them, then match them.  Most people find it easier just to enter them when they drop at bank feed time.

     

    Lynda

    1 reply

    lynda11_2
    lynda11_2
    October 14, 2018

    Hello @DrKB:

     

    You were doing fine with entering a bill and paying the bill.  Now you need to MATCH that transaction at the bank feed level.  If you enter it, it will add the expense a 2nd time, which you obviously do not want to do.

     

    Lynda

    D
    DrKBAuthor
    October 15, 2018

    Lynda,  thank you for the advise!  I download all of my bank and credit card transactions electronically, and 'Add' them to QBs once the proper information is completed (location, class, account, description, etc.).  Is that different than 'Match' the transactions?  Is there a way to Match (ie. link) those two transaction together, once they've been added?  Do I need to delete the 'add' transaction and then 'match' them?

      lynda11_2
      lynda11_2Answer
      October 15, 2018

      For credit card transactions, most people just download them (instead of matching).  It is really up to you and how you want to do the workflow.  If you prefer to enter the receipts as you get them, then match them.  Most people find it easier just to enter them when they drop at bank feed time.

       

      Lynda

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