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Mike M5
April 12, 2024
Question

QuickBooks is doubling my income by reporting Sales and Services

  • April 12, 2024
  • 1 reply
  • 0 views

When I run a Profit & Loss Report, Sales and Services are both included and added together for the total income even though they are the same.  All of our customers show in a "Sales" grouping and also again in a "Services" grouping with basically the same amount. Then the two categories are added together for our total income amount which has now been doubled. We have our business software that is linked to QB and they use a third party software (Square) that our clients make payments through. Those amounts show up in QB less the Square transaction fee, but the total sale shows up as well.  QB apparently sees them as separate transactions, one is income from sales and the other is income from services.  How do I correct this?   Which one do I turn off to be correct for accounting purposes?  How do I make that change permanent?  

1 reply

JoesemM
JoesemM
April 12, 2024

Let's figure out the cause of the double income in your Profit and Loss report and fix it to keep you going with your task, Mike.

 

Since you're using a third-party software like Square, we can check where the square income is deposited. This is to ensure we can take the proper course of action and prevent messing up your books. 

 

Here's how:

 

  1. Go to the Reports menu, and then select Profit and Loss.
  2. Open the Square synced transactions, and check where they're deposited.

 

This time, you have two options on how to proceed. First, if you have a Square Bank account where all the income is deposited, you don't need to add them when the bank updates. You can just create a Bank Transfer where to put all the income. Let me guide you on how:

 

  1. Click the +New button, and then select Transfer under the Other section.
  2. Choose the Square account under the Transfer Funds To drop-down, and then enter other fields.
  3. Hit Save and Close.

 

On the other hand, if you're using the Undeposited Funds account, you can create a Bank Deposit. Just select all payments (or income) from Square to your Square Income account. Let me show you how:

 

  1. Perform the same step (Step 1) above. This time, choose Deposit under the Other section.
  2. Select the Square account from the drop-down, and then make sure to check all the transactions you want.
  3. Click Save and Close.

 

Once done, run the Profit and Loss report again to check the total income. You can also customize the report formats to show the info that you want. See this article for reference: Customize reports in QuickBooks Online.

 

Feel free to browse these articles. It contains information on how to fix missing income on the Profit and Loss Report. They also explain reconciling your accounts to match your bank statements.

 

 

Feel free to ask me more questions about the QBO report or transaction management. I'm always here to lend a hand. Take care.

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