Your Guide to Fixing Revenue Double Entries in Quickbooks Online
Are you finding it difficult to keep your financial records accurate in Quickbooks Online? Are you noticing double entries in your revenue? If so, you are not alone. Many small businesses struggle with this issue, and the good news is that it can be easily fixed.
In this blog, Infinite Accounting Solutions will discuss how to fix double revenue entries in Quickbooks Online. We will look at how to identify double entries, how to delete them, and how to prevent them from occurring in the future. With the right guidance, you can ensure that your financial records remain accurate and up-to-date.
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1. You enter multiple deposits as one transaction
If one invoice was paid in multiple payments, it has to be entered as multiple payments. For instance, if an invoice is $5,000 and you receive two e-transfer payments (one for $3,000, one for $2,000) to pay the invoice, then you have to enter both e-transfer payments separately. If you enter them as one transaction, the bank feed won’t match the payments you entered.
2. Allocating deposits into revenue directly from the bank feed
If you are using the Accounts Receivable function (i.e., sending out invoices), you should never allocate deposits directly to a revenue account. This can result in incorrect Accounts Receivable, and your Sales Revenue may be overstated. Instead, make sure every deposit matches a payment that’s been received in your Accounts Receivable module.
3. The Bank feed is not matching with accounts receivable payments
If you have received the payment but the bank feed still isn’t matching the payment, go back to the payment and make sure the correct bank account is selected, the date is correct, and the amount matches what was actually received. These are common reasons why payments don’t match in the Bank feed.
If you’re looking for a bookkeeping firm, reach out to Infinite Accounting Solutions. We are a full-service bookkeeping firm based in Langley, British Columbia. We offer a wide range of services, including bookkeeping, payroll, reconciliations and reviews, QuickBooks consulting and training, and more. We are committed to providing our clients with the highest quality of service and strive to exceed their expectations through our experienced team of bookkeeping and payroll professionals.
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