17 Nov 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.