Retroactively change income account in invoices

jr589

I discovered after a full quarter of invoice creation that there are income accounts needing to be chosen for the product/service on the invoice. What is the best way to adjust the income account after the payment has been received and merged with the bank transaction?

Thank you.

James_Hudson

Hi @jr589 , If you'd like to change the income account that these invoices are associated with on an invoice-by-invoice payment, it will be necessary to go to "Sales" > "Products & Services" and update the income accounts for your products there.

Once that's done, you can edit each individual invoice and remove the product before re-adding it and saving the invoice.

If there are too many invoices to make this edit worthwhile, however, you can create a journal transaction in the Transactions page to move the balance from one income account to another. This journal transaction would debit the old income account for the amount that has been mis-recorded, and credit the new income account for the same amount.

jr589

Thanks so much for that @James_Hudson ! There were in fact too many invoices to re-work so I used the journal transaction solution.

cindytong

I've just come across this problem and whoever else needs a solution that doesn't involve a journaled transaction, simply follow this method:

1. Edit the Product's income account by going to Sales > Products & Services > Edit (Pencil Icon) > Save your Edit.
2. Go to the Invoice that has this product > Edit Invoice > for each product View Income Account > check the income account is correct > click Save Invoice..

Once you've done all this, you'll see that it now appears in your reports under the new income account.

Jacob_D

@cindytong you're my hero. Save me a ton of time!

villmatic

@cindytong you're my hero too

TheBest2020

Now if this would only work for the items created in "Checkouts"! I'm having the same issue there, but it looks like there is no way to edit ANY transactions completed through this method, so I'm stuck with a payment for a software key that looks like a book sale. As a former accountant, I feel EVERY entry should be editable, just as a pencil has an eraser.

bighh

@cindytong this is exactly what I need, but not seeing the same things you describe (like "Save Invoice"). Are your instructions still valid? Thanks for your help!