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CreighHill
October 5, 2023
Question

Avoid duplicate payments

  • October 5, 2023
  • 1 reply
  • 0 views

My Real Estate Firm has been using Qucikbooks for Mac for several years. Thru auditing our accounts over the past 3 years we have identified that our office paid multiple brokers for the same transaction. For example we paid the same broker $12,000 twice for the same commission closing.

 

Question. How can we setup our Quickbooks to prevent this kind of in house errors?  I have read " businesses contractually set up invoice and payment policies for all vendors." and I have seen comments on Double Entry Accounting to prevent this type of double payment.  

Thank you in advance for your help.

1 reply

Rainflurry
Rainflurry
October 5, 2023

@CreighHill 

 

Here are a few thoughts:

 

IMO, the easiest way to prevent duplicating bills/payments is to enter a bill for each commission expense and use a standard bill numbering format.  When a duplicate bill number is entered, QB can be set to alert you that that number already exists.  You could use the broker's initials and a portion of the property address, for example. If you're cutting a physical check, you will always have different check numbers, and check numbers are the only other field that QB can use to alert you that this transaction already exists.  So, unless you enter a bill, there's really no way for QB to alert you.

 

Beyond QB, you can have a checklist for each property transaction to make sure paying the broker is not duplicated.  You can also assign roles so that the user who enters the bill cannot pay the bill, thereby reducing the likelihood of a duplicate payment.  That may not work depending on the size of your brokerage.  

A
AileneA
October 5, 2023

Hello, CreighHill. 

 

Thanks for reaching out to the Community. I'd be happy to help you understand why you might see double payment entries. There are a few different reasons why this could be happening.  

 

Below are a few of the reasons causing QuickBooks double entry:

 

  • You might find a double entry when importing lists and transactions into the company file. The importing can be caused by external software. 
  • Also, if you manually added a few of the transactions, especially when the automatic feature is turned on, then a double entry issue can be seen. 
  • Another possibility is that there's some issue with how your payment information is entered into QuickBooks. 

 

Also, are you using Pay Bill or other feature from QuickBooks? QuickBooks only relies on the data sent to the system, ensuring its functions' accuracy and reliability.

 

I highly recommend you take a few minutes to perform an account reconciliation to ensure all your transactions are accurate and match up. It's crucial to stay on top of your finances and ensure everything is in order. Doing so can avoid any potential errors or discrepancies that could result in financial losses. 

 

Let me also share this article for additional reference: Add And Match Transactions In QuickBooks Desktop For Mac. 

 

Have you considered running a report to help you keep track of your finances? I recommend running a thorough report to keep tabs on your finances. Knowing your income and expenses is crucial to maintaining financial stability, and a well-crafted report can offer valuable insights and help you make informed decisions. Customize reports in QuickBooks Desktop for Mac.

 

Please don't hesitate to reach out to me if you need any further assistance. Have a great day!

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