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I overstated my gross income few million and I am screwed up…

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I overstated my gross income...
I overstated my gross income for a few million and I am screwed up :(
Submitted: 2 years ago.Category: Finance
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Answered in 1 minute by:
2/25/2016
Financial Professional: Stephen G., Sr Financial Expert replied 2 years ago
Stephen G.
Stephen G., Sr Financial Expert
Category: Finance
Satisfied Customers: 7,473
Experience: Extensive Experience with Tax, Financial & Estate Issues
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OK, so what's your question? Where did you overstate it?

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Customer reply replied 2 years 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
Financial Professional: Stephen G., Sr Financial Expert replied 2 years 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?

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Customer reply replied 2 years ago
Thank you
Financial Professional: Stephen G., Sr Financial Expert replied 2 years 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.

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Financial Professional: Stephen G., Sr Financial Expert replied 2 years 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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