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CarrieJ
Level 1

Loan payable money reported on the balance sheet is appearing on the P&L as Unapplied Cash. We are a cash basis company. How do I get this off the P&L?

 
4 Comments 4
IamjuViel
QuickBooks Team

Loan payable money reported on the balance sheet is appearing on the P&L as Unapplied Cash. We are a cash basis company. How do I get this off the P&L?

Hello, @CarrieJ.

 

Let me share some information to help remove your loan payables from the Profit and Loss report.

 

Here are the possible reasons why you're seeing the Unapplied Cash Bill Payment Expense account in the Profit and Loss:

  • bill payment for a vendor is recorded before entering the bills
  • if you entered bill payments without matching them to bills

Here's how to resolve it:

  1. Open your Profit and Loss report.
  2. Look for the section Unapplied Cash Bill Payment Expense.
  3. Select the total amount. 
  4. Choose + New.
  5. Click Pay bills.
  6. If you see bills matching the bill payments in the list, select the checkboxes next to them, then Save.
  7. If you don’t see a matching bill for one of your bill payments, create it:
    • Select + New.
    • Select Bill.
    • Fill out the form with the same vendor, amount, and date as the bill payment.
    • Select Save.
  8. Repeat the steps for any bill payments left on the list.

You can read through this article for more detailed instructions: What to do if you see unapplied cash bill payment expense on your profit and loss.

 

Also, I've added these articles that you can use in matching unapplied cash payments in QuickBooks:

The Community is always here if you have other questions about generating and customizing business-related reports in QuickBooks. I'm just a few clicks away.

CarrieJ
Level 1

Loan payable money reported on the balance sheet is appearing on the P&L as Unapplied Cash. We are a cash basis company. How do I get this off the P&L?

I am still having difficulty with this.  IamjuViel, thank you for your response, but the cash receipt did not pay an invoice we billed to a customer, but it is cash receipts from loans for PPP and SBA.  When I clicked on the payment, there wasn't a way to create a "bill" and I'm not sure why I would want to create a bill since we didn't sell a service.

 

How is everyone else logging a cash receipt for PPP funds or loans?  I'm sorry for seeming to be stubborn, but I'm obviously missing something!  Thank you!

Angelyn_T
QuickBooks Team

Loan payable money reported on the balance sheet is appearing on the P&L as Unapplied Cash. We are a cash basis company. How do I get this off the P&L?

Thank you for the clarification, @CarrieJ.

 

Allow me to join the thread and share some information about unapplied cash on your Profit and Loss report.

 

Usually, this happens with the payment isn't recorded correctly or was applied to either the accounts payable or receivable. If that's the case, you need to enter an expense/check transaction or a bank deposit using the liability account (account used when recording the loan). If the payment wasn't recorded correctly, you can delete it, then follow these steps:

  1. Depending on your choice, select either Expense, Check, or Bank Deposit from the New (+) icon.
  2. Fill in the necessary details.
  3. For expense/check, select the liability account under the Category column and the Account column from the Add funds to this deposit section for Bank deposit.

 

can also read the details from these links to learn more about handling PPP loan:

Once done, you can also read the topics from our help articles during your free time in case you need additional resources while working with QuickBooks.

 

I'll be right here to continue helping if you have any other questions. I'm a post away to help. Have a great day!

CarrieJ
Level 1

Loan payable money reported on the balance sheet is appearing on the P&L as Unapplied Cash. We are a cash basis company. How do I get this off the P&L?

Thank you both so much for your help; unfortunately neither fix worked.  I had opened the accounts under Accounts Payable; I opened two new accounts under Long Term Liabilities, posted the funds under those new accounts, and that fixed the issue!  It's odd because although the funds were posted to a liability account, they were in the account Unapplied Cash Bill Payment Expense when drilling into information on the P&L.  Not sure why, but really happy I figured out something.

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