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mreed19
May 20, 2022
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Income being recorded twice with cash payments in quickbooks self employed

  • May 20, 2022
  • 1 reply
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Hi there, quickbooks newbie here 👋 hoping someone has a solution to my problem! Most of my clients pay in cash, so I’ve been creating these invoices and then marking them as paid in cash. These invoices are then treated as business income. The problem I have is when I then bank this cash it’s recorded as business income again, therefore it looks like I’m earning twice as much as I actually am! Any solutions for this please?

regards, Matt 

Best answer by MadelynC

I’ve got some information to share with you, @mreed19.


Creating invoices and marking them as paid is for tracking purposes only. Then don’t affect your profit and loss statements and any other reports.


When your downloaded bank transactions are available, that’s the time you can categorize them as part of your income. It will automatically reflect in your financial reports.


You can read this article to learn how to fix duplicate transactions in QuickBooks Self-Employed: Handle duplicate transactions in QuickBooks.


Also, here’s an illuminating guide that provides information on how QuickBooks tracks everything throughout the year: QuickBooks Self-Employed Overview. It contains instructions to help organize your records efficiently.


If you have any other questions or concerns about managing your income, don’t hesitate to let me know. I’m here every step of the way. Take care always!

1 reply

M
MadelynCAnswer
May 21, 2022

I’ve got some information to share with you, @mreed19.


Creating invoices and marking them as paid is for tracking purposes only. Then don’t affect your profit and loss statements and any other reports.


When your downloaded bank transactions are available, that’s the time you can categorize them as part of your income. It will automatically reflect in your financial reports.


You can read this article to learn how to fix duplicate transactions in QuickBooks Self-Employed: Handle duplicate transactions in QuickBooks.


Also, here’s an illuminating guide that provides information on how QuickBooks tracks everything throughout the year: QuickBooks Self-Employed Overview. It contains instructions to help organize your records efficiently.


If you have any other questions or concerns about managing your income, don’t hesitate to let me know. I’m here every step of the way. Take care always!

    Y
    YFC
    February 5, 2023

    i am reading through his answer and it is very helpful, in my case, however, i already reconciled my bank account. everything worked great while reconciling but now i have in my pnl report extra deposits. can i fix it?

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    Ethel_A12
    February 5, 2023

    Thank you for joining this thread, @YFC. I appreciate you letting us know that you tried the provided resolution above about the duplicate transaction.

     

    I'll be glad to help you and provide an efficient resolution to your reconciliation issue. For now, I would like to know the QuickBooks product you are using. This thread is for QuickBooks Self-employed. And it doesn't have a reconciliation feature. I'll look forward to your response to tell us the QuickBooks version you are using.

     

    Feel free to click the Reply button below. I'm always here to help you. Have a great day.

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