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missionstudios
December 8, 2020
Question

Paid invoice appearing twice in P&L

  • December 8, 2020
  • 2 replies
  • 0 views

When I generate a P&L report for my business, invoices I have sent to clients via Quickbooks which have been paid and deposited are being reported twice under Sales. The issue maybe how I am categorizing the incoming deposits for the invoices, but I'm not sure.

 

For example:

 

I send Invoice 001 for $1,000 via Quickbooks. My client pays this amount. The money is deposited into the business bank account. In the transaction log for my bank account, once the money appears, I classify it as "Sales".

 

When I generate the P&L, under Sales, the $1,000 is now listed twice. It appears once as Invoice 001 under account "Sales", but under Split it is listed as "Accounts Receivable (A/R)". The deposit from my bank that I classified as "Sales" also appears, but under "Split" it lists the business account. 

 

How do I prevent this double booking from occurring? Do I need to categorize the deposit to my bank account as something other than a form of Income?

2 replies

M
missionstudiosAuthor
December 8, 2020

It occurs to me that the problem may not with me designating the deposit as Sales, but rather with Quickbooks seeing the invoice as "Accounts Receivable" even though it has been paid.

 

If QB sees it as paid, why does it still categorize it as A/R?

MaryLandT
MaryLandT
December 8, 2020

Thank you for contacting us, missionstudios.

 

Let's fix the double invoices on your Profit and Loss report. You can match those deposits to your invoices to prevent duplicate income. This creates one payment record on your register.

 

On the other hand, you will see Split when transactions have multiple categories on your Banking page. To resolve this, you have to undo the added transactions and match them. Let me show you how:

 

  1. Click Banking.
  2. Select the bank to work with.
  3. Choose the In QuickBooks tab.
  4. Look for the transaction and click Undo.

These transactions will go back on the For Review tab. Here's how to match deposits to your invoices:

  1. Under the For Review tab, click the transaction.
  2. Choose the Find Match radio-button (see screenshot).
  3. On the Match Transaction window, select the invoice transaction by putting a check mark.
  4. Click Save.

For additional information, please refer to these articles:

On the other hand, you will see Split when transactions have multiple categories on your Banking page.

 

Let me know if you need additional information about those duplicate entries. I'm always right here to help ensure you only have one invoice record on the Profit and Loss report.

 

C
codymeansy
May 20, 2021

I'm having the same issue when customers pay with credit card. I send invoice, customer pays, quickbooks automatically receives payment. When trying to find match for the banking transaction, the invoice it belongs to does not appear, I'm assuming because it's closed.... So, I now have a banking transactions just hanging out until I can figure out what to do with them. 

katherinejoyceO
katherinejoyceO
May 20, 2021

Thanks for joining in this conversation, @codymeansy. It could be that that the Auto apply credit is turned on. 

 

Let's go to your Settings and turn it off so it won't affect your invoice. 

 

Here's how:

 

  1. From the Settings menu, select Account and Settings.
  2. Choose Advanced, then click the pencil icon under Automation.
  3. Unmark Automatically apply credits option then hit Save once done.

 

Once done, let's open and unlink the payment for that specific invoice. Here's how:

 

  1. Go to the Sales menu then select Invoices.
  2. Choose the specific invoice with mark as paid and deposited.
  3. Click payment made below the PAID payment status.
  4. Uncheck that invoice to unlink to the payment.
  5. Hit Save and Close once done.

 

For future reference, follow the steps to match your bank transaction with the one you've entered in QuickBooks in this help article: Match with an existing transaction. 

 

Visit us here again at any time if you have additional concerns. I'd be delighted to attend your next posts. 

 

 

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