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kmikeal
May 3, 2024
Question

Income triple what it should be

  • May 3, 2024
  • 1 reply
  • 0 views

I have so many issues. 

1.  Can some one tell me why my income is showing triple what it should be? 

2.  Its almost like my Items Lists are not set up correctly.  We had the books (what I thought) was a rebuild but the CPA only recreated it.  Charged us $3K only to have QB pull in a lot of old stuff.  I had to reenter every number for 2023.  So frustrating.  I was so careful but it seems like when I think I have one thing fixed or completed something else is messed up.  I went through every paycheck and corrected it to what ADP had. The number were off, CPA did some adjustments, then ask me to reconcile the PR account.  When I went back to that, the checks were off again.?????

3. How should I enter the bills for materials I purchase?  We do not keep inventory, we buy for each project. I have COGS item "Job Materials purchased". I use that when I enter the bill.  I enter it under the expense tab, not the item tab.  When I bill the customer I use the Item "Customer material" under Job income.  Is this correct?  

 

Can someone answer some of these questions?  There is a lot more.  I just need to make sure my number are correct so I can turn it over to get the taxes filled out.  

 

1 reply

Bryan_M
Bryan_M
May 3, 2024

I appreciate you for posting your questions here, @kmikeal. I see the challenges in correcting your transaction records to fill in your taxes with the accurate details. I'll provide you with the answers you need.

 

The double income is caused by duplicate transactions, adjustments, and added bank transactions instead of linking them to sales transactions. We can review them, remove duplicates, and undo transactions. 

 

Concerning the item lists, the missing checks might be a data issue. We can perform verify and rebuild to find the discrepancies in your data and fix them.

 

And for your third question, yes, you're correct to bill the customer using Customer material under Job income.

 

However, I recommend reaching an accountant to guide you in categorizing your transactions into the correct accounts so that when the time comes to reconcile them, you'll encounter no issues.

 

If you want to show debits and credits for each of your transactions, you can read this article: View the Transaction Journal report in QuickBooks Desktop.

 

Leave a reply below if you have additional questions about managing your transactions. I'll be willing to help. Keep safe always. 

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