Linda Artesani shows how to fix a common QuickBooks Online mistake where sales receipts get recorded twice as undeposited funds, inflating your income. She walks through finding and deleting the duplicate entries in the Bank Deposits screen to correct your profit-and-loss report.
Chapters
Hi, Simone. This is Linda Artesani, and I wanted to answer your question about undeposited funds and your duplicate entries. So very common error. I've done many videos on it and blog posts because it's been common. It's been around since Desktop, actually. So Let me take you to my screen. I'm going to show you an example of a way to fix this. And if this is not the case for you, I'll just talk a little bit about what you can do if it really truly is duplicate sales receipts. So I'm going to come to my page here. So this is our sample file that we use for Community Live. And I'm just going to come over to the bank deposits and just show you that I've got like this. massive list of undeposited funds. And I've actually seen clients that have had like 50 pages here where there's been a huge mess. But I digress. So we've got a few here and I actually made a couple of deposits in here directly to sales like a client would do. They'd come over to the banking page, they get all excited and see, oh, there's my money, it actually made it in. And they just come over and download it to sales. So this is online transfer to check, but they just come over and maybe they put it in uncategorized. I've seen that too. Or they just go to their sales account. And they download it, right? And they go, oh yeah, that's good. I know I put my money in the bank and it's there. The problem lies in the fact that they also recorded the sale on a sales receipt. So they did the accounts receivable part of the transaction, right? They attached it to a customer, they use their items, they've now made the proper accounting for a sale. And then by doing this little step, they've now added the income at the sales receipt level and they've duplicated by adding the income in the bank feed. So how do we fix that? So I'm going to come over to bank deposits. I'm just going to grab the 2 recent ones that I just entered. So I'm going to grab this one. And you've got this giant list, right? And here it is, the line item right to sales for $1,205.91. So I can see right here, here's my, here's my Cloud Apps Incorporated sales receipt, right? This is the sales receipt where I showed the income at the time of the sale. Maybe had tax on it like you're— what, like you're seeing with the VAT tax. So all I have to do here is click this Cloud Apps line item and then come down here because now I've doubled my income. And now I just come down here and I'm going to trashcan this other line. Once I trashcan it, I've now removed this, this one sales receipt entry from my list of undeposited funds. Yay. So the list will get a little smaller. And then I've also removed that duplicate income because prior to that I had income in twice. A nice way to see that, and I'll just do a report on— I have one other one in there. So now when we go to the profit and loss for October, I'm going to show you where you can see— make sure it's on accrual basis— you should be able to see that in this services account. This one happened to be coded to services. You'll see here the sales receipt that was recording the income at the sales receipt level and accounts receivable level. And then the direct deposit. So this is a duplicate entry. So I'm going to want to come into the deposit and then do the same thing, just click off that $2,000 entry, swap it out again for this one, and save and close it. And now I've removed the duplication. So I hope that helps. A simple way to fix it, a little bit painstaking if you have a lot of, a lot of transactions, but hopefully that helps you. Thanks for joining our group. I hope to see you around soon. Bye.
