Why would Project Income be greater than the sum of the Deposit Transactions in the Project and in the Bank Account?

I'd be delighted to share some insights on how QuickBooks Online (QBO) project income works, @gardnerhomesllc.

When you invoice a project in QBO, it will automatically appear as income on the Project page. This is because the item used to invoice the project is associated with an income account.

To keep track of your project invoices, let's go to the Transaction tab and modify the view to open invoices. I'll show you how.

1. Navigate to the Project menu.
2. Choose your favorite Customer/Project.
3. Go to the Transactions tab.
4. Choose Open invoices as the Type from the Filter drop-down menu. If necessary, change the date and then click Apply. 

Furthermore, I'm adding this article that you can read to learn more about the project features in QBO: Set up and create projects in QuickBooks Online.

Once everything is set, you may want to check these pages for reference in seamlessly matching your accounts and running your payroll:

• Reconcile an account in QuickBooks Online
• Process or run payroll

If you have any other concerns or questions about projects in QBO, please let me know in your reply. I'll be around to help you at any time. Keep safe and have a great day ahead!