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Hello,
i am working on a clean up and noticed unapplied cash payments in 2023. Two amounts are unapplied deposits which I think there needs to be invoices created for these two deposits. However, another 2 transactions have an invoice date that is greater than the payment date. For example invoice date of 1/8/23 and payment receive date of 12/30/22. How can I clear these transactions out of unapplied cash payments account?
I'd gladly assist you with clearing the unapplied payments in QuickBooks Online (QBO), @Salessio0564.
That'll happen if your report is on a cash basis and you've already received the payment before the invoice. We can run an open invoice report to see if the payment matches it.
Here's how:
Once done, and if it matches with an open invoice, follow these steps:
On the other hand, if it doesn't match with an open invoice, we'll have to create a new transaction.
Here's how:
Furthermore, you'll want to refer to this article and learn how to personalize and add specific info to your sales forms: Customize invoices, estimates, and sales receipts in QuickBooks Online.
Please let me know if you have further questions regarding the unapplied payments in QBO. I'm always here to assist. It's great to have you here in the Community.
Thank you for responding. Since the payment happened before the invoice date under cash basis, how do I clear these payments. The payment was received in prior year, but invoiced in current year.
Let me chime in and help you close your invoice payment for the prior year in QuickBooks Online (QBO), @Salessio0564.
When a payment is received before the invoice date, it's important to adhere to cash-based accounting principles, which state that income should only be recognized upon receipt of cash. Thus, it’s crucial to record the payment accurately to reflect your financial standings correctly.
To resolve this scenario in QBO, you can utilize the Receive payment feature, which allows you to document the payment received even if it predates the invoice. Here’s how to effectively navigate this process:
For future reference, here's a guide on generating reports to obtain valuable data about your business: Run reports.
I'm here to help with any further questions you have about managing your invoices in QuickBooks. Please don't hesitate to ask if you need assistance. Have a wonderful day!
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