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C
caseyhvk-gmail-c
September 11, 2022
Question

I am seeing Unapplied Cash Payment Income on my Profit & Loss whenever a customer pays before the invoice date. Payment is applied to invoice. How do I fix report?

  • September 11, 2022
  • 2 replies
  • 0 views
Invoice is dated 9/1, and marked as paid by 8/28 payment.  On profit & loss report, payment shows both as income and unapplied cash payment income, cancelling each other out.  I believe the invoice is correctly marked as paid, and does not show up as an open invoice.  Is there a way I need to adjust dates, or adjust the profit & loss report so this shows up accurately?

2 replies

A
AileneA
September 11, 2022

Hello there. 

 

Let me provide some information about the unapplied cash payment income shown on your Profit and Loss report.  

 

The unapplied cash payments are usually shown if the payment was created as a bank deposit, then applied to an invoice. This will show up in the report until the payment date of the invoice, and not the deposit date of the bank deposit.

 

Also, the payment date is the date when you applied the deposit to the invoice. If the payment date is not within the reporting period of your Profit and Loss, it will be recorded as an unapplied cash payment income.

 

For more information about unapplied cash payments and how to get rid of them, you can read this article: What's Unapplied Cash Payment?

 

You can always reply or reach out to us again if you need anything else with QuickBooks. We're always here to guide and assist whenever you need help. Have a good one!

N
Nancy132
January 9, 2023

I have no idea how to fix this. Please help!!

    R
    Rasa-LilaM
    January 9, 2023

    We'll have to run the Open Invoices report and apply the payment to the open invoice, Nancy132. Let me help and walk you through how to accomplish these tasks.

     

    The Unapplied Cash Payment account is created by QuickBooks Online (QBO) for cash-basis reporting and cannot be deleted or modified. These are the following reasons why you see the account on the financial statement:

     

    • A customer prepaid you and you recorded the payment before creating the sales form (invoice or sales receipt).
    • You entered payments without matching them to sales forms.

     

    When you're ready, let's go ahead and build the report and apply the payment. Here's how:

     

    1. Go to Reports on the left panel and enter Open Invoices in the Find report by name field.
    2. On the report's page, set the correct date range and choose Run report.
    3. In the Transaction Type column, look for a transaction listed as a Payment.

     

    If the payment transaction matches an open invoice, perform Step 2 found in this article: Unapplied cash payment income on your profit and loss. If you don’t see a matching open invoice, go directly to Step 3.

     

    We'll have to pay the bill if you see an unapplied cash bill payment expense on your financial statement. If you don't find a matching bill for one of your bill payments, you'll have to create the bill. Here is an article that details all the necessary steps to fix the issue: What to do if your profit and loss report shows unapplied cash bill payment expense.

     

    I've also included an article that goes over how to fine-tune the data and style on your financial statements: Run reports. It goes into great length regarding the general report preferences and includes a few references to the various report elements.

     

    You can also bookmark the Community page's link in your browser for later use. It covers topics such as how to manage taxes, payroll, inventories, and other accounting-related processes.

     

    Keep in touch if you still have questions about unapplied cash payments or other product concerns. I'm always ready to respond to them.

    R
    RBLoom
    April 7, 2023

    I am also seeing this in my Unapplied Cash Payment ledger. I have several instances of my customers paying before the invoice date, it is always for recurring invoices. The payment has been applied correctly, it just happens to be before the invoice date. My workaround is going back to each item on the Unapplied Cash Payment list and adjusting the date of the invoice. I don't know what kinds of problems this will create but I figure it can't hurt the invoice as it has already been paid and closed. I am only moving it by a couple of weeks. 

     

    If someone can direct us on how to handle pre-payments, that would be really great!

     

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