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Struggling with duplicate income entries in QuickBooks Online? You're not alone. In this video, I delve into a common issue that many bookkeepers and small business owners face: identifying and rectifying duplicate income. Using the example of a deposit and a sales receipt that are recording the same income twice, I guide you through the process of discovering, evaluating, and correcting this duplication.
What You'll Learn:
- How to navigate to the Profit and Loss report to uncover potential duplicates in your income.
- The importance of regularly reviewing your total income for any discrepancies or logical mistakes.
- A practical walkthrough on deciding which entry to keep - in our case, choosing a sales receipt over a deposit for historical accuracy and customer tracking.
- Step-by-step instructions on adjusting the chosen entry to correct the duplication without affecting your financial records adversely.
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Timestamps
00:00 - Intro
00:45 - Find duplicate income in the P&L
01:58 - Why keep the Sales Receipt
02:41 - Remove duplicate deposit
04:33 - Verify you did this correctly
04:58 - Outro
#quickbooksonline #bookkeepingtips #DuplicateIncome #financialmanagement
This content is for information purposes only and should not be considered legal, accounting, or tax advice, or a substitute for obtaining such advice specific to your business. Additional information and exceptions may apply. Applicable laws may vary by state or locality. No assurance is given that the information is comprehensive in its coverage or that it is suitable in dealing with a customer’s particular situation. Gentle Frog, LLC does not have any responsibility for updating or revising any information presented herein. Accordingly, the information provided should not be relied upon as a substitute for independent research. Gentle Frog, LLC does not warrant that the material contained herein will continue to be accurate, nor that it is completely free of errors when published. Readers and viewers should verify statements before relying on them.