cancel
Showing results for 
Search instead for 
Did you mean: 
Highlighted
Level 2

Unapplied cash payment income

When I run my statement of activity on a cash basis I have a huge amount of unapplied cash payment income which is revenue received back on January 14 &15, 2019, which was made by the previous accountant. I wanted to fix this and went back to check the entries made in December 2018. When I run the AR aging summary as of 12/31/2018 I see that there is a receivable with the exact same amount of the unapplied cash payment income as of 12/31/2018. Then this cash was received and recorded as receivable on January 14 & 15, 2019. I see that it's correctly recoded by the name of the payee and the amount. 

How can I fix this? I have the same issue with an unapplied cash payment expense as well.

Help me

Thanks a lot

MG.

3 Comments
Highlighted
QuickBooks Team

Unapplied cash payment income

You might want to transfer the unapplied cash payment from income to accounts receivable, Meron GG.

 

This can be possible by creating a journal entry. Just make sure to use the 2018 date when doing this. 

 

Once done, you can proceed closing those open invoices by receiving payments. The transfer you did will make the unapplied payments as available credits, which can be used to pay invoices. 

 

Below are the necessary steps to complete the Receive Payment procedure:

 

  1. Click the Plus icon at the left part of the screen. 
  2. Choose Receive payment under the Customer column. 
  3. Enter the customer involve, payment date and the depositing account. 
  4. Under Outstanding Transactions, select the open invoices, then select the available credit under Credits
  5. Hit Save and close.  

 

Lastly, It would still be best to consult your accountant about this scenario. 

 

Drop by again if there's anything else you need. We'll be happy to help you anytime. 

Highlighted
Level 2

Unapplied cash payment income

Thanks a lot, Miki D,

I did as per your indications and the amount from the in the unapplied cash payment income it is now cleared. 

Thank you for your help.

Meron G.

 

Highlighted
QuickBooks Team

Unapplied cash payment income

Thank you for getting back to us, @Meron GG.

 

We are happy that we were able to help you clear the unapplied cash.

 

Thank you for giving us the opportunity to help. If you have any questions in the future feel free to come back to the Community. I hope you have a wonderful rest of your week.

Need to get in touch?

Contact us