Can't Match Revenue Deposits to Revenue Accounts, Help?
11/7/09 9:10 AM, Viewed by asker 11/9/09 4:42 AM
Total Views: 31
My Revenue Deposits do not match my Revenue Accounts? In
come statement does not include all my Revenue?
Helpful Answer
Statement Charges are simply direct to AR for a customer's account. Receive Payment satisfies the AR balance for a customer.
In QB, you can direct these payments to an account named Undeposited Funds or directly to the bank register.
If your file is set for these to flow directly to the bank register, then there is nothing further for you to do.
If you have your file sending the payments to Undeposited Funds, you use Make Deposit, select the payments, and they move from UF to the bank account.
You NEVER Make Deposit to the Revenue Accounts. The posts to the revenue accounts come from the items you use as Statement Charges.
The process is:
Post a charge = revenue posted, but it is unpaid, so AR is posted, too
Receive a payment = AR is satisfied, funds are on hand (bank or Undeposited Funds account)
If using UF, "deposit" process moves funds from UF to bank.
If you think Revenue is misstated, edit the statement charge items to see where they are linked. These should be your revenue items, but they might be linked to expense accounts to be treated as a reimbursement (not really the correct thing to do) or posted to a liability or asset account; perhaps they aren't all linked to Revenue.
Answer
A little more detail would be helpful.
Usually, when you receive payments from customers, those payment go into your undeposited funds account. Then you create deposits from those undeposited funds. Take a look and see if you have payments sitting in undeposited funds (when you make a deposit in Quickbooks, payment window would open listing undeposited funds).
As to your Income Statement, open it and double click on the revenue account amount to see what's going into that account. Then you can track down missing transactions to discover what account they're going into. IF you're using items on your invoicing, the items may not be set up properly.
Again, it's difficult to pinpoint your problem without a little more detail about how you record income and deposits.
Answer
I do not use statements, so when you record statements, do the accounts for which you are billing the customer fall into the income categories? And when you do that, do they show up in a/r?
And then when you receive payments, do you use "Receive Payment" on the menu or another way? Does "post to statement" means the same or similar thing as "Receive Payment?"
Comment
Hi Accountant Man,
"Received Payment" menu option is used to post payments against Statement Charges that do fall into the Income categories. When the payment is received it is put into a bank account that is the type "bank". The payments do showup in the a/r account. Is it posible that If the bank account had been setup as type "accounts receivable" that I would not have this problem?
Thanks for your help!
Comment
You probably cannot set up a bank as an a/r type. When you do "Receive Pmts" can you change the account to which they are deposited?
You said the payments show up in a/r, which means the statement charges must have shown up in a/r.
What are you seeing in the bank deposit detail report, all of the deposits? Do you have more than one "bank?"
Answer
Statement Charges are simply direct to AR for a customer's account. Receive Payment satisfies the AR balance for a customer.
In QB, you can direct these payments to an account named Undeposited Funds or directly to the bank register.
If your file is set for these to flow directly to the bank register, then there is nothing further for you to do.
If you have your file sending the payments to Undeposited Funds, you use Make Deposit, select the payments, and they move from UF to the bank account.
You NEVER Make Deposit to the Revenue Accounts. The posts to the revenue accounts come from the items you use as Statement Charges.
The process is:
Post a charge = revenue posted, but it is unpaid, so AR is posted, too
Receive a payment = AR is satisfied, funds are on hand (bank or Undeposited Funds account)
If using UF, "deposit" process moves funds from UF to bank.
If you think Revenue is misstated, edit the statement charge items to see where they are linked. These should be your revenue items, but they might be linked to expense accounts to be treated as a reimbursement (not really the correct thing to do) or posted to a liability or asset account; perhaps they aren't all linked to Revenue.
Comment
Customer payments are posted to Statments and deposited directly to the bank account. The bank is setup in the chart of accounts as a "bank" and not as "accounts receivable". The bank Deposit Detail report does not match the Income Revenue Accounts report on the Profir & Loss report. The Transaction Detail by Account report shows only charges. What is going on?