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R
RETHAJOYCE
March 17, 2024
Question

What is an unapplied cash payment and where does it come from in Quickbooks?

  • March 17, 2024
  • 1 reply
  • 0 views
My profit and loss statement is showing 20k in unapplied cash payments. Don't know where it came from or what it is. This does not match any of the numbers (cash in/out) in our actual bank statement and has thrown our income tax liability way off. Where does it come from and what is the solution to make it match actual cash in and a spending?

1 reply

Rainflurry
Rainflurry
March 17, 2024

@RETHAJOYCE 

 

Unapplied cash payment is income received (on cash basis) but not connected to any invoice.  So, for example, if you record a $1,000 payment received in QB on Mar. 1, but the invoice for that payment is dated later, say Mar. 15, then from Mar. 1 to Mar. 14 you will have $1,000 in unapplied cash payment income.  If these payments received don't match your bank statement then, presumably, they are dated incorrectly, were recorded incorrectly, or the deposits were made at a later date.  If you have payments received, there should be a corresponding bank deposit.      

R
RETHAJOYCEAuthor
March 17, 2024

Thank you, this really helps.

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