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steve314
January 26, 2024
Question

If applying unapplied cash what do I put in the 'deposit to' box, if I tick box next to invoice it says 'amount to apply' if I don't tick it also says 'amount to credit'

  • January 26, 2024
  • 1 reply
  • 0 views
Had money in unapplied cash which I have moved to debtors a/c. How do I apply to Invoice.  In 'deposit to' box do I put the account it was originally paid in to or do I need to create something new? In outstanding transactions I think I need to tick box next to Invoice it applies to?  Then is it 'save & close'?   Also money in unapplied cash/debtors was in previous financial year, is this going to create a problem. Help please.  Thank you.

1 reply

G
GeorgiaC
January 26, 2024

Thanks for reaching out on the Community, @steve314 

 

If the payment is already posting as a credit on the customers account (due to posting to Debtors), you can apply this to the invoice by selecting Receive payment > Tick the payment under Credits. 

 

We recommend creating transactions so that they replicate as close as possible how they occurred in real life. For example, you can create a Cash on hand account in QuickBooks to track cash received from payments before they're deposited into the bank. The Cash on hand account can be selected in the Deposit to field on the invoice payment.

 

If you're on Cash VAT accounting, any VAT portion of the invoice will be posted to your current open return when applying the payment. Alternatively, if you're on the Standard VAT scheme, the VAT portion will have been accounted for on the date that the invoice was raised. 

 

If you have any Q's or need any further guidance, please get back to us below!

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