How to cleanup Unapplied Cash Payment Income & Expenses in QuickBooks Online

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In this video, I'll talk about how to clean up Unapplied Cash Payment Income and Expense in QuickBooks Online.
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Опубликовано:

6 июл 2024

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Комментарии : 69

@nickgardner6146 2 года назад

OMG ! No one at QB's customer service knew what I needed, one video here and problem all gone, Fantastic teacher, Thank you

@5MinuteBookkeeping 2 года назад

Glad to help!

@angeladavis9272 2 года назад

I had looked at countless articles and couldn’t figure it out. I didn’t even realize the dates were off. Not one article discussed that. Thanks so much for your video. I finally got my account corrected.

@5MinuteBookkeeping 2 года назад

Glad I could help!

@SeanFarrington 3 года назад

What a simple solution! Changing dates of the invoice. Thanks for showing me how to clear that up. Very helpful.

@5MinuteBookkeeping 3 года назад

Glad it was helpful!

@emilyjohnson8763 2 года назад

So helpful! I have been having issues with this for months. Feels great to get it off my to-do list.

@5MinuteBookkeeping 2 года назад

Glad it was helpful!

@sarakh3928 Год назад

Perfect. Exactly what I needed. Many Thanks.

@5MinuteBookkeeping Год назад

You're welcome!

@alicjaszafranski7185 19 дней назад

Thank you for this video. Very helpful. I had a problem applying payment to the invoice because the service in the invoice wasn't connected to the Income account!

@gloriamartstudio 2 года назад

This is so helpful thank you

@5MinuteBookkeeping 2 года назад

Glad it was helpful, Gloria!

@rishabhjain3594 2 года назад

Very helpful! Thank you!

@5MinuteBookkeeping 2 года назад

You're welcome!

@joanharder2124 2 года назад

Very clear - thank you!

@5MinuteBookkeeping 2 года назад

You're welcome.

@gilyanabambueva5029 4 месяца назад

Thank you so much!

@5MinuteBookkeeping 4 месяца назад

You're welcome!

@DivinityGroup 2 года назад

You are awesome I was able to change the invoice and boom chacka Locka it was fixed. This video is awesome....:)

@5MinuteBookkeeping 2 года назад

Glad I could help.

@bremoravec8954 Год назад

Thank you!!

@5MinuteBookkeeping Год назад

You're welcome!

@israelalvarado9720 11 месяцев назад

I commented , I liked and I subscribed.

@5MinuteBookkeeping 11 месяцев назад

Thank you so much!

@dannymendez7474 2 года назад

Thank you for the video, however I do have a question. What if the payment is reconciled already?

@5MinuteBookkeeping 2 года назад

I believe I say in the video that you would want to change the date of an invoice (or vendor Bill) and not the date of the payment. You would not want to change the date of the payment.

@israelalvarado9720 11 месяцев назад

Amazing

@5MinuteBookkeeping 11 месяцев назад

Thank you!

@jewelisleta 8 месяцев назад

Thank you! Your videos helped a lot. Question, what if the unapplied expense that exist is an expense type not invoice nor payment. What is the right way to check and resolve it?

@5MinuteBookkeeping 8 месяцев назад

If you see an amount in Unapplied Cash Bill Payment Expense, you need to look for a Vendor Bill or Bill Payment. Normally the Bill Payment is dated before the Vendor Bill.

@jewelisleta 8 месяцев назад

Thank you. I checked and no bill was entered related to that expense. But I'm also not sure because I'm thinking if this for a bulk bills.

@COreliableElectric 6 месяцев назад

How will this effect the sales tax? For example, we received the deposit for a job at the end of Q3. We invoiced in Q4, if I change the invoice date to a Q3, that would affect our sales tax reporting for the quarter.

@5MinuteBookkeeping 6 месяцев назад

Yes it would. You would need to follow a different method for recording an invoice for the deposit.

@kellisizemore1478 2 года назад

Veronica, this was very helpful, however, what if the payment was in the year prior and the year has been closed and reported to the IRS already? For example: the payment to the vendor in 2020 was $89 over the invoice and now that over payment has been applied to an invoice in 2021.

@5MinuteBookkeeping 2 года назад

If the transactions are in separate years, unfortunately, there is no way to clean up the Unapplied balances in QBO. Normally, we leave those transactions on the books since they can't be removed.

@user-km6kh9hi9y Год назад

Issue a credit memo and apply on invoice. It will bring the invoice to zero.

@mrsc9193 2 года назад

This video was so helpful thank you! I have a question I was hoping you could help me with. I had a customer over pay amd we had to give a partial refund for the over payment amount. Everything I know says to create either an expense or a check for the refund. I have done that but the expense (refund) and the original over payment are still showing in Unapplied Cash Payment Income. The customer's account is $0 the month was reconciled with no issues. Do you have any advice on why the transacrions are still showing as unapplied?

@5MinuteBookkeeping Год назад

It sounds like the customer overpayment and the Expense are not applied to each other. You might see if you can apply them to each other in the Customer Payment screen.

@mrsc9193 Год назад

@@5MinuteBookkeeping Thank you. It was actually that the payment processing company had already corrected the transaction amount and the business owner went in and changed the $$ amounts in QBO. Once I realized the amount discrepancy I was able to correct the amount and there was no need for a reimbursement transaction in QBO. 🤦‍♀️

@5MinuteBookkeeping Год назад

@@mrsc9193 Glad you figured it out.

@clairserkland9350 Год назад

What if changing the date doesn't work at all. Ex: customer makes a payment, that payment is returned NSF, so I followed instructions from QBO to create a check and apply those payments to that check and when I change all the dates to match, it's still there. Any help would be GREATLY appreciated.

@5MinuteBookkeeping Год назад

I am not familiar with the instructions provided by QuickBooks, so I can't provide any insights on this.

@israelalvarado9720 11 месяцев назад

What happens if you see invoice under I applied cash payments but not deposits to match those to?

@5MinuteBookkeeping 11 месяцев назад

The customer payment is likely entered in another period or perhaps entered in the prior year.

@user-ho2hg6uq9l 8 месяцев назад

I have a journal entry, negative balance in there... how do I satisfy this? Please!

@5MinuteBookkeeping 8 месяцев назад

Hi. I don't have enough details to be able to answer your question.

@user-pu6xe5pt1j 3 месяца назад

How to fix Unapplied cash income without invoice date changes? Its possible to make in QB...plz given your advice

@5MinuteBookkeeping 3 месяца назад

The only way to fix it is to change the invoice date. As an alternative, you could enter a invoice to a deferred revenue account and record the amount received as a "deposit" from a customer.

@romagen6 Месяц назад

Hi Veronica, I've cleaned up the Unapplied Cash Payment Income report for the most part. What remains is a pair of transactions with the same date: "Payment" (overpayment by customer) and "Check" (refund check issued by the business); the payment is applied to the check. Why are they still showing on the report, and how can I clean them up? Thank you in advance for your expertise.

@5MinuteBookkeeping Месяц назад

They are still showing up in unapplied because they are 2 different types of transactions. If they net to 0 in the same year, I would not do anything further.

@relaxedclub9425 2 года назад

What report period did you run the reports at?

@5MinuteBookkeeping 2 года назад

I'm not sure that I understand your question. Can you be more specific?

@user-pm6vq9sv3z Год назад

I have done this. The one question I have is why does the total amount of the unapplied cash payments reflect once the transactions are cleared?

@5MinuteBookkeeping Год назад

Hi. Could you be more specific? Where are the transactions being cleared?

@chucktrotter9699 3 года назад

5.21.21 I liked the video however the print was very small and hard to read. Thanks for the explanation.

@5MinuteBookkeeping 3 года назад

Hi Chuck. Perhaps you're watching on your phone, if so, yes the print is small. You may want to watch on a larger device or on your computer.

@chucktrotter9699 3 года назад

@@5MinuteBookkeeping 5.22.21 I was watching on my desktop 32" screen in HD.

@5MinuteBookkeeping 3 года назад

@@chucktrotter9699 Thanks for the feedback.

@sarahchan8658 Год назад

Hi Veronica, What if I entered the transactions in Journal entry? How do I match the Unapplied Cash Billpayment expense with the Journal entry? I tried to click "Add" after I found the matching transaction, but it didn't do anything. Can you help with this?

@5MinuteBookkeeping Год назад

Hi Sarah, you can't use a journal entry to fix Unapplied transactions in QBO. Unapplied transactions are cash basis only. Journal entries affect both cash basis and accrual basis.

@sarahchan8658 Год назад

@@5MinuteBookkeeping Thanks for your reply, It was entered as a Journal entry from the beginning. Now, I need to match the unapplied cash billpayment to the correspondent journal entry to clean it up. Correct?

@5MinuteBookkeeping Год назад

@@sarahchan8658 I believe we are talking about two different things. Unapplied Cash Bill Payment is the name of an account used by QBO to balance itself on a cash basis. Can you specify what types of transactions you are referring to and can you use the transaction names used in QBO so that I can answer your question?

@jyotipatel1319 Год назад

I have unapplied cash payment income transaction type is deposit so please navigate me how to clean up.

@5MinuteBookkeeping Год назад

Hi. I can't help you since I don't have enough details as to why that amount is in Unapplied cash payment income. I tried to explain the various reasons why you see Unapplied cash payment income in the video.