this video is all about one question regarding the last video and the last practice set that
you just finished this is the correct trial balance that you were supposed to have after
the last exercise set however let's imagine that a student did not have these numbers after the
recent transaction set let us imagine instead that a student had these numbers now of course these
numbers will be much easier to compare if I put them side by side on the screen now we can more
easily compare the trial balance with the wrong results to the trial balance with the correct
results notice in the trial balance with the wrong results editing income and video income are the
same result as the editing income and the video income in the correct trial balance however in
the trial balance with the wrong results accounts receivable is higher than the accounts receivable
in the trial balance with the correct results and undeposited funds izle in the trial balance with
the wrong results is lower than the undeposited funds in the trial balance with the correct
results think about it think about this condition what would be the only mistake that you could make
that would allow the two income accounts to be correct but accounts receivable too high and
undeposited funds too low did you put the wrong item did you record the wrong quantity in one of
the transactions did you put the wrong date no you may pause the video if you don't want the
answer right away because the answer is you made an invoice instead of a sale receipt let's take a
look please bring forward your trial balance make sure it says a for all we are going to open
up each account and find what is the difference between my incorrect results and you're correct
results first let's double-click undeposited funds and see if we notice any difference we
double-click undeposited funds and open up the account itself now let's go one by one and see
if we notice anything different well here we have in sale receipt number six and sale receipt number
four three two one notice I am missing sale receipt number five well how could that be how
could I be missing sale receipt number five if my video income and my editing income match yours I
must have recorded every transaction that you did if my income accounts are correct well the reason
why I'm able to be missing a sale receipt but have the same income is because my income accounts
were increased by an invoice instead of a sale receipt so you notice i have this missing sale
receipt number compared to yours now let's close it out and open the account that shows all of the
invoices the account that all of the invoices are recorded in is accounts receivable when i double
click and go top to bottom you can see that i have this additional invoice here for january fifteenth
when you start at the bottom yours would read invoice number twelve eleven ten nine on the dates
of january 18 january 16 january 13 in january 11 the one that i have that you don't is this one the
january 15 invoice and when I double-click i can see that i did make a transaction on january 15
and the reason why editing income is correct is because i put 14 editing hours on that invoice
just like you put the 14 editing hours on the sale receipt so what do I need to do to fix
my quickbooks file to make the results the same as yours let's think about what I need to do to
correct my results can you change an invoice into a sale receipt can you make one transaction become
another type of transaction the answer is no in QuickBooks you cannot make one transaction type
become another type of transaction if you recorded the wrong transaction type there's only one way to
fix it you have to delete the wrong one and then re-enter the correct one watch how I do it and
you will see the numbers will fix themselves so again the offending transaction is listed
here in accounts receivable because it is missing from undeposited funds so if we want to see the
transaction causing the problem we will double click the accounts receivable balance open up
the actual account account receivable and here's the transaction that should not exist this invoice
should not exist at all let's double click now there is no way to make it become a sale receipt
we have to delete it when we click delete we'll get a warning message are you sure you want to
delete this transaction after we click OK you will notice we can close the invoice window and we can
see that accounts receivable now has the correct balance let's close out the accounts receivable
account and notice that even though the accounts receivable has the correct balance editing income
is now too low because we just deleted something that was recorded also into editing income we now
have to record the correct transaction re-enter the sales receipt from the main menu I will click
customers enter sale receipt but the date that was on that sale receipt in this case january
fifteenth the payment method was cash the customer was alan RV the sale receipt was actually sale
receipt number five and quickbooks allows us to put whatever number we want in the transaction
number the item was editing and the quantity was 14 now we have the correct amount 1960 dollars
that will increase editing income when we click Save and close we now see that the numbers are
now correct we now have undeposited funds 16,600 editing income eighteen thousand four hundred
eighty and account receivable and video income remain unchanged with the correct money amounts