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Deadwood Electric
March 21, 2024
Question

Accounts Receivable and deposits

  • March 21, 2024
  • 1 reply
  • 0 views

 I'm trying to balance my QuickBooks account amount with my bank account amount. I've found almost every payment received from invoices posts to Accounts Receivable and also as a deposit into the register. This is causing double deposits to be made since it pulls the actual deposits made into the bank account. (and yes, all of the payments have been applied to the customer) How do I resolve this issue? Thank you!!

1 reply

T
Teri11_2
March 23, 2024

Every accounting entry hits two accounts. One is a debit and other is a credit. When customer pays you, that is normally a debit to Cash/Bank account and credit to AR to clear that invoice off AR Aging report when paid so what you are seeing sounds normal.

Bryan_M
Bryan_M
March 23, 2024

Hi, @Deadwood Electric. You're in the right place.

 

I agree with what @Teri11_2 shared about the normal flow of debit and credit. Let me add info about accounts receivable and deposits.

 

Whenever you receive customer payments from an invoice it will automatically go to the bank where the money will be deposited and will show in your register. 

 

On the other hand, transactions show double accounts in the register when you receive payments and add the same transactions to the bank feeds. You can, however, exclude this in the Bank transactions. Feel free to read this article for more info: Exclude a bank transaction you downloaded into QuickBooks Online.

 

If you want to learn how to reconcile your accounts so they always match your bank and credit card statements, you can read this article: Reconcile an account in QuickBooks Online.

 

For more questions about managing your transactions in QuickBooks Online, feel free to read this article. I'll be willing to lend a hand. Keep safe always.

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