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djwiecek1
September 7, 2023
Question

the rev rec module double booking revenue from an quarterly invoice

  • September 7, 2023
  • 1 reply
  • 0 views

I've entered an invoice that will amortize revenue over three months.  I've applied a credit card payment to the invoice.  Now, after the end of the first month of the invoice, the revenue account has two line items for the amortized revenue.  And then when I delete the invoice, one line item of revenue still remains in that account.  

 

What's going on?!?!  Is anyone else seeing this?

 

 

1 reply

J
JamesAndrewM
September 7, 2023

Hello there,

 

You'll want to review the transaction history for the invoice, credit card payment, and any related transactions to ensure there are no duplicate entries or errors. Or you can check the line item directly, check its associated transactions, and see if you can delete it or leave it as is.

 

I'll leave this article for future reference: Enter expenses, pay bills, and write checks. 

 

Feel free to post here again if you have further QuickBooks-related concerns. We are available 24/7 to lend a hand with each of your queries. Stay safe!

D
djwiecek1Author
September 7, 2023

That's the crazy thing....when there were two line items showing the amortization of revenue into the revenue account, both line items referred to the invoice that caused the amortization of the revenue, but when I deleted the invoice, one line item of revenue still remained.   This seems like some major bug in the rev rec system.  We can not have our revenue being overstated.

AlcaeusF
AlcaeusF
September 7, 2023

Hello djwiecek1,

 

I appreciate you for keeping in touch with us here in the Community. Allow me to step in and help you identify the cause of the issue in QuickBooks Online.

 

It may have something to do with how you set up your revenue recognition in the Advanced version. I recommend running the Revenue Recognition report to review the line item.

 

You can see the billed and recognized amounts in the Deferred Recognition Detail for each column. Here's how:

 

  1. Log into your QuickBooks account.
  2. Go to Business overview and select Reports, or go to Reports.
  3. In the search bar, search for and open Revenue Recognition Report.

 

If the problem persists, please proceed with contacting our QuickBooks Support Team. They can further assist you with the remaining line item showing on your account.

 

Our support for Plus, Essentials, Simple Start is available from 6 AM - 6 PM PT (Monday - Friday) and 6 AM - 3 PM PT (Saturday). For Advanced, any time, any day.

 

Here's how you can reach them:

 

  1. Click the Help tab in the upper-right corner.
  2. Go to the Assistant tab.
  3. Click Get help from a human.
  4. Choose Chat with us or Have us call you.

 

The accounts in the chart of accounts categorize your transactions on everything from sales forms to reports to tax forms. To learn more about how it works, check out this article: Learn about the chart of accounts in QuickBooks Online.

 

Keep us posted if you have more questions about the double booking you're referring to in your account. We'll be around to help. Keep safe.

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