Overpayment in Unapplied Cash Payment Income

twopugsinacamper · ‎May 22, 2022

I’ve been working on clearing out my Unapplied Cash Payment Income list. I had two instances where I had overpayments from customers – one was the customer’s fault, and one was actually my fault. On the one where the overpayment came from the customer, I edited the payment to reflect the actual invoice amount, then made a Bank Deposit for the overpaid amount under a Overpayment current liability account. I matched the bank transaction to both the Payment and Bank Deposit, then I edited the check paid to the client to reflect the Overpayment liability account. Once I did that, it all cleared out of the Unapplied Cash Payment Income list and everything is perfect.

On the other one, I processed the payment through QuickBooks Payments. Because of this, I can’t edit the actual Payment to reflect the invoiced amount and make a separate Bank Deposit for the overpaid amount. I have tried making an Expense and matching it in the payment, but they still show up in the Unapplied Cash Payment Income.

How can I fix this where it’ll clear out of the Unapplied Cash Payment Income list? I’ve had quite a few others I’ve been able to resolve, but I can’t seem to fix this one since I can’t edit the payment.

Jovychris_A · ‎May 22, 2022

Hi, @twopugsinacamper.

It's good to know that you've been solving Unapplied Cash Payment Income until you get this overpayment left unresolved. No worries, I can share a few steps to fix it.

When recording transactions in the QuickBooks system, I recommend you reflect them to the actual date when you create sales transactions and payments.

There are only two reasons why transactions are showing in the Unapplied Cash Payment Income account. It's either you record the payment before creating the sales form, or they weren't matched at all.

You can start with running the Open Invoices report to verify transactions showing as not yet paid. Here's how:

Log into your QuickBooks account.
Select Reports.
In the Find report by name field, enter Open Invoices.
Set the Report period, then select Run report.
In the Transaction Type column, locate a transaction listed as a Payment.

For future reference, visit the Unapplied cash payment income on your profit and loss article. You can follow the detailed steps in the order shown to get this fixed.

If the issue persists, I'd suggest contacting our Care Support Team to investigate this matter. Our representative will be there to help you out by using their advanced tools to pull up your account.

Please follow these steps:

Go to the Help menu, then click Contact Us.
Type your concern in the box and tap Let's talk.
Choose either Get a call or Start a chat.
Complete the required data and then submit your request.

I'll wait for your response here. If you have other QuickBooks concerns, feel free to add them below. I’m here ready to assist further. Take care always.

Connie71 · ‎May 23, 2022

Thanks

Connie71 · ‎May 23, 2022

you took the money in, but never declared the income on a sales form. Usually, the date of the payment is before the invoice date it's applied to. Example: Receive payment today, invoice next week.

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Overpayment in Unapplied Cash Payment Income