Can you help show how to record a transaction of selling assets? I used the invoice flow recorded the transaction as the buyer needs me to send them an invoice, but after that, I had to create JE to clear the asset account as well as the depreciation account. But then as I debit the bank account again with the procced from the sales, the bank account balance is now doubled with transaction amount. Can you tell me what I can do to correct this please? Thanks in advance!
@@thehomebookkeeper Thanks for the reply. I did watch that video, my JE side is ok. But my issue is that the invoice flow created the transaction again, if I don't record the payment on the invoice, it will show on my balance sheet with an AR amount, if I record the payment received, my bank account is doubled with the amount.
You will want to match the bank deposit when it clears your bank to the payment received on the invoice. Matching is what will eliminate the duplication
@@thehomebookkeeper I did the match under the banking, match it with the invoice but it did not clear the duplicate. the JE amount is still on the bank balance. Also, there is another issue is with the taxes, I did not record the taxes on my JE as I figured it will double the tax amount and screw my tax account too, but the invoice did have the taxes on it, so the amount is off by the tax amount also, getting complicated there. I am sorry that I am asking so many questions due to my lack of knowledge of QB.
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Can you help show how to record a transaction of selling assets? I used the invoice flow recorded the transaction as the buyer needs me to send them an invoice, but after that, I had to create JE to clear the asset account as well as the depreciation account. But then as I debit the bank account again with the procced from the sales, the bank account balance is now doubled with transaction amount. Can you tell me what I can do to correct this please? Thanks in advance!
That video is already up on my channel. Feel free to check out my business view playlist 🤓
How To Record The Sale Of A Fixed Asset In QuickBooks Online | QBO Tutorial | Home Bookkeeper
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@@thehomebookkeeper Thanks for the reply. I did watch that video, my JE side is ok. But my issue is that the invoice flow created the transaction again, if I don't record the payment on the invoice, it will show on my balance sheet with an AR amount, if I record the payment received, my bank account is doubled with the amount.
You will want to match the bank deposit when it clears your bank to the payment received on the invoice. Matching is what will eliminate the duplication
@@thehomebookkeeper I did the match under the banking, match it with the invoice but it did not clear the duplicate. the JE amount is still on the bank balance. Also, there is another issue is with the taxes, I did not record the taxes on my JE as I figured it will double the tax amount and screw my tax account too, but the invoice did have the taxes on it, so the amount is off by the tax amount also, getting complicated there. I am sorry that I am asking so many questions due to my lack of knowledge of QB.