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Quickbooks is showing that I make double my income, because it's counting the invoices as payments as well as the actual deposits. How do I remove the invoices??

Forum|Forum|5 years ago
August 9, 2020
5 replies
0 views

(P.S. my Profit and Loss is already set to Cash.)

QuickBooks Online

Best answer by MaryLurleenM

Let me help you remove the duplicates, designbyjrs.

You'll want to delete the manually created deposit and then undo the one from your banking.

Here’s how to delete:

Go to the Accounting menu and click Chart of Accounts.
Locate and click the View register of your bank.
Click the manually created Deposit and select Delete.
Select OK to confirm.

Undo the added Deposit from the Banking page:

From the Banking menu, click the bank where the deposit came from.
Select the Reviewed tab, and look for the deposit.
Click Undo under the ACTION column.

After deleting or resetting the deposits, we’ll match the invoice that was already paid to the cleared deposit from the Banking page.

Still from the Banking page, select the bank and look for the deposit in For Review.
Click the deposit and select Find match.
Filter the Date range that includes the date when the invoice payment was created.
Check the Payment and then click Save.

Once done, try to run the Profit &Loss report again to check the total.

Check out these articles for future reference:

Stay in touch with me if you have other concerns.

MaryLurleenMAnswer

Let me help you remove the duplicates, designbyjrs.

You'll want to delete the manually created deposit and then undo the one from your banking.

Here’s how to delete:

Go to the Accounting menu and click Chart of Accounts.
Locate and click the View register of your bank.
Click the manually created Deposit and select Delete.
Select OK to confirm.

Undo the added Deposit from the Banking page:

From the Banking menu, click the bank where the deposit came from.
Select the Reviewed tab, and look for the deposit.
Click Undo under the ACTION column.

After deleting or resetting the deposits, we’ll match the invoice that was already paid to the cleared deposit from the Banking page.

Still from the Banking page, select the bank and look for the deposit in For Review.
Click the deposit and select Find match.
Filter the Date range that includes the date when the invoice payment was created.
Check the Payment and then click Save.

Once done, try to run the Profit &Loss report again to check the total.

Check out these articles for future reference:

Stay in touch with me if you have other concerns.

D

designbyjrsAuthor

Oh! I had no idea you could match the deposits to the invoices. Thank you!

A

All Truck Fleet

Yes you can match but in the past, you didn't have too. It was automatic and you just checked t make sure it was correct.

E

eshare

All my income in QBSE is added by my bank. Later I update it as personal or business. At year end I receive 1099's and some are duplicates of the business income that is already in QBSE.

Does QBSE see the duplicate amount once I fill out the online1099 statement in QBSE and ignore that income that was added by my bank? Or do I need to label the income in the register that is the same as my 1099 as personal so I do not end up with more income?

Thanks.

IamjuViel

I appreciate the complete details you've shared, @eshare.

Let me share some information on how QuickBooks Self-Employed handles your 1099.

You've mention that you receive 1099 at the end of the year, are you perhaps referring to the 1099 form? If so and the amount reflected on it was already added in QuickBooks, there's no need to re-enter the amount. You're correct in tagging the transaction as Personal.

Meanwhile, you can use this URL when accessing your account and view the 1099 forms:

https://selfemployed.intuit.com/login#/contractor/clients.

Lastly, I'd recommend consulting with an accountant so you'd be guided in tracking and managing your 1099 transactions.

Feel free to leave a comment below if you have other questions or concerns. I'm always here to help

B

BeesDB

I'm having the same problem but differently. I already know how to match payments with invoices and sometimes the wrong payments are matched with the wrong invoice dates. However, i am a full year behind matching each invoice and what i want is to not worry about matching any payments with invoices at all. I want to be able to utilize recurring invoices but not have to match them with income payments. Just have invoices completely disregarded in my income bracket. I've been here for several hours matching banking transactions and the worst part is matching Remote Online Deposits (Checks deposited through mobile device) with invoices. This requires me to open my bank account statements, click the image to see who the check came from, go back to QuickBooks, find the match with the same date and click confirm. This process I feel is pointless and time consuming. Income is income, I shouldn't need to match income with the invoice in order for my income to not appear doubled. Thank you in advanced

M

MadelynC

Thanks for sharing your thoughts with us, @BeesDB. I’m here to provide information so you can easily manage your sales transactions in QuickBooks.

I recognize how connecting each invoice to their payments would be time-consuming. And it'd be convenient to disregard invoice transactions from your income bracket. However, it's a primary part of the customer workflow to ensure records are intact and accurate.

You may consider using bank rules to automatically categorize transactions from your bank. Let me show how:

Go to your Banking menu, then select Rules.
Click the New rule button.
Enter a name in the What do you want to call this rule? field.
Select whether it's Money in or Money out, and then choose an account.
Set the rule conditions.
Press Save after.

You can use this reference for complete instructions: Set up bank rules to categorize online banking transactions in QuickBooks Online.

You can also set up QuickBooks Payments, so you don’t need to manually link your invoices and payments. Once set up, QuickBooks automatically categorizes each processed payment on your chart of accounts.

I’m adding this article to ensure the amounts match your actual bank and credit card statements: Learn the reconcile workflow in QuickBooks. It includes steps to fix balance issues and ways to modify completed reconciliations.

Don’t hesitate to add a comment if you have any other questions or concerns about managing your sales transactions. We're always here to help. Keep safe!

Q

Quagmire87

I am having the same problem, and I followed your instructions with the resolve, and it is still counting the income twice. In the upper left corner of the invoice it even says it matches with a bank deposit, yet I am still getting income from the invoice and deposit. The customer paid through quickbooks, not a check or credit card, so I am not sure if that makes a difference.

M

MirriamM

Welcome to the thread, Quagmire87.

I'm here to help you resolve the duplicate income.

When a customer pays through QuickBooks, the system links the payment automatically to the invoice. Thus, you'll have to match the payment from the banking feeds to avoid double-counting the income.

However, if you manually receive the payment or record the bank deposit, you'll need to delete the manually created payment.

For future reference, here's a great resource about the best practices when reconciling: Reconcile an account in QuickBooks Online.

Please let me know if there's anything else I can do for you. I'll be standing by for your response. Have a great day.

N

Newbie121

I just worked with a customer service rep and determined this was the better process:

Sales,

click invoice

edit invoice

click on payment

click on date it was deposited

More (at bottom)

Delete

Then you can match from your bank record.

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