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Stephen G.
Stephen G., Sr Financial Expert
Category: Finance
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Experience:  Extensive Experience with Tax, Financial & Estate Issues
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I overstated my gross income few million and I am screwed up

Customer Question

I overstated my gross income for a few million and I am screwed up :(
Submitted: 9 months ago.
Category: Finance
Expert:  Stephen G. replied 9 months ago.

OK, so what's your question? Where did you overstate it?

Customer: replied 9 months ago.
I use Quick books. I recorder payments from customers invoices and went to undeposeted funds and recorder as is. Than I downloaded transactions from my bank account on Bank Feds and deposited all checks that that I put into bank. So instead od depositing $2179800.45, I deposited $4,797,078.98
Expert:  Stephen G. replied 9 months ago.

Well, you could record a Journal entry to reverse the excess by debiting Accounts Receivable and crediting Cash for the excess amount that you recorded. That should balance your books if that's what you are asking?

Customer: replied 9 months ago.
Thank you
Expert:  Stephen G. replied 9 months ago.

Great, please take a moment to rate my response as that is the only way we receive credit for our work.

Thanks very much,

Steve G.

Expert:  Stephen G. replied 9 months ago.

Just checking in. Were you able to make the correction as I suggested?

Do you have any additional follow-up questions?

If not, please remember to rate my response as that is the only way we receive credit for our work.

Thanks very much,

Steve G.

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