Payments Showing Twice - Accounting Software Secrets
book-template-default,single,single-book,postid-17535,bridge-core-2.6.3,qode-page-transition-enabled,ajax_fade,page_not_loaded,,qode-theme-ver-24.8,qode-theme-bridge,qode_header_in_grid,wpb-js-composer js-comp-ver-6.5.0,vc_responsive

Payments Showing Twice

Payments Showing Twice

Ask the Expert – Payments Showing Twice

Q – I am looking at a transaction detail report by account and the payment of an invoice appears as both a plus and minus. Each one looks like it is entered twice, but when I look for it I only see it once in the register. Can you help me to understand?

A – The report you are looking at must be cash basis. When a payment is applied to an invoice that has been recorded to an account that appears on the profit or loss report; that is what triggers the recording of the income. Even though the report says “payment” in both cases, one is actually increasing the A/R and recording the income (i.e. the invoice) and the other is actually decreasing A/R and recording the cash receipt (i.e. the receive payment). The report looks a little confusing, but what it is doing to the general ledger is correct.


More information on this topic

Cash vs. Accrual