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guestservices-fu
January 14, 2024
Question

Profit & loss doubling sales

  • January 14, 2024
  • 2 replies
  • 0 views

Hi!

 

I had an issue with Square doubling my sales and I have figured out the solution to stop that from happening. The new issue is that in my P&L report, the sales are still doubled. I can see the Square deposits AND the individual invoices from each client. My reconciliations are even and I’m unsure how to move forward.

 

How do I remove the extra “invoices” from my sales via the P&L report?

2 replies

AlverMarkT
AlverMarkT
January 14, 2024

Hello, guestservices. I'm here to help.

 

Yes, you can remove the extra "invoices" from your sales via the Profit and Loss (PL) report. First, click on the amount from the Total column and distinguish the extra invoices from the reconciled transactions via the date, amount, type of transaction, and the account where the transactions are posted. Then, click on the identified extra invoice transaction. This will open the invoice window where you can delete the invoice. 

 

However, you can also consider deleting the extra invoices through your bank register. This way, we can properly distinguish the reconciled transactions from the extra invoices and avoid accidentally deleting the reconciled ones. The reconciled transactions have an "R" mark. Here are the steps to achieve this:

 

  1. Go to the Gear icon and click Chart of Accounts.
  2. Locate and click the View register of your bank.
  3. Click the manually created Deposit and select Delete.
  4. Select Yes to confirm.

 

Next, if the extra invoices aren't in your bank register, I recommend checking your Undeposited Funds (UF) account and see if the extra invoices are reflected there. Deleting an invoice bank deposit doesn't remove the invoice transaction entirely. The invoice transaction will instead go back to the UF account and cause a double-counting of income in the PL report.

 

  1. Go to your Chart of Accounts.
  2. Locate the Payments to deposit account and click the View register. 
  3. Click the manually on the Payment and select Delete.
  4. Select Yes to confirm.

 

Moving forward, instead of manually receiving invoice payments, I recommend matching transactions from the App transactions page to open invoices directly to avoid double-counting of income on your reports in the future.

 

  1. Go to Bookkeeping, select Transactions, then select App transactions.
  2. Select For review.
  3. Select Match.

 

As a future reference, let me add this year-end guide to close your previous fiscal year and prepare for the new one in QuickBooks Online: Year-end guide for QuickBooks Online.

 

We're always here in the Community should you need further assistance deleting invoices that cause double-counting of income. Take care.

S
sathojAccelzen
June 21, 2024

Hi,

 

I am having the same issue. Can you share how you changed the setting so Square is not importing duplicate sales?

 

Thank you so much!

A
ArielI
June 21, 2024

I'm here to guide you in handling duplicate transactions while using the Square app, @sathojAccelzen.

 

To begin with, please take note that we only depend exclusively on the settings available within the Square app.  That said, I encourage you to reach out to the Square app's support team to assist you in configuring your settings to prevent the occurrence of duplicate transactions.

 

In the meantime, you can exclude the downloaded identical transactions. I'll be happy to guide you through the steps to do so.

 

  1. Go to Transactions, then select App transactions.
  2. Select the For Review tab.
  3. Tick the checkbox of the transactions to exclude.
  4. Finally, click Exclude.

 

Moreover, I've added this article if you want to know more about organizing your transactions in QBO:

 

 

I’m always here to help if you have any other concerns or follow-up questions about your sales transactions. I'll get back to you as soon as I can.

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