QB online problems

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#1
rkrcpa  
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Shocker, I Know!

I'm trying to fix a host of problems in a clients QB Online company and am stumped by one area in particular. I am analyzing all (yes, all) transactions running through the cash account trying to determine which are duplicates, which are phantoms and which are kinda close to correct.

Generally this does not pose a problem, I have a long history as an auditor and can trace transactions between sources with the best of them. Where I am getting hung up is why are sales invoices posting to the cash account? I'm at a loss for how to correct this since the invoices show as being paid and I don't want to create more trouble by deleting the transactions and then having unapplied payments to deal with.

I swear, some days technology does not equal progress.
 

#2
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Clarification: are you inquiring about Invoices or Sales Receipts? If sales receipts, they hit cash by default because it is assumed payment is taken at time the "invoice" is created, and AR does not need to be debited. Sales receipts are incorrectly used by most QB users I have seen use that function.
 

#3
rkrcpa  
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I am talking about an "Invoice" that is generating a credit to cash thereby reducing the cash account.
 

#4
makbo  
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check the "income account" used for items on the invoice.
 

#5
rkrcpa  
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makbo wrote:check the "income account" used for items on the invoice.


Thanks, that's the problem.

Now, the question is......if I change this to an income account will QBooks apply the change retroactively or prospectively?
 

#6
CathysTaxes  
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rkrcpa wrote:
makbo wrote:check the "income account" used for items on the invoice.


Thanks, that's the problem.

Now, the question is......if I change this to an income account will QBooks apply the change retroactively or prospectively?

Probably not, but if you change the account type, then the changes would be retroactive.
Cathy
CathysTaxes
 

#7
makbo  
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rkrcpa wrote:Now, the question is......if I change this to an income account will QBooks apply the change retroactively or prospectively?


In QB desktop at least, you are offered a choice whether or not to apply the change retroactively, so I hope QBO has the same choice. One nice thing about the desktop software is you can make a change as a test, and then abandon it if you wish. That's a big failing of most online versions of software - no easy way to make a point-in-time backup that can be restored easly.
 


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