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Level 1

Unapplied Cash Payment Income

Hi, 

I am running quick book profit & loss account on Cash basis and noticed that there is an amount sitting in the Unapplied Cash Payment Income eventhough i have not created this account and not entered anything. Can any one help me to get rid of this.

Normally i book sales from Z report through Journal Entry and book EFTPOS payment against the account in Balance sheet. I don't understand this things. 

It shows now 1000 transaction in that account. 

 

Thank you 

Darshan Patel 

Solved
Best answer January 22, 2020

Best Answers
Highlighted
Moderator

Unapplied Cash Payment Income

Welcome aboard to the Community, @Vanna.

 

When recording transactions in the QuickBooks system, I suggest you mirror 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:

 

  1. Log into your QuickBooks account.
  2. Select Reports.
  3. In the Find report by name field, enter Open Invoices.
  4. Set the report period, then select Run report.
  5. 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 instruction in the order shown to get this fixed.

 

If there’s anything else I can help you find in QBO, post a comment below. I’m here ready to assist further. Have a good one.

View solution in original post

12 Comments
Highlighted
Level 7

Unapplied Cash Payment Income

Run your P&L report & then double click on the amount. That should bring up the transaction that created it. If not, the double click on the amount in the list until the transaction displays.

Highlighted
Level 1

Unapplied Cash Payment Income

Thank you Ray,

I clicked on that and check the transactions. They are correctly allocated to the EFTPOS account. Still it is showing in the Unapplied Cash Payment Income.  I would like to see P&L both on cash and on accrual basis same. The difference is $932,000.

 


@Raywhite28 wrote:

Run your P&L report & then double click on the amount. That should bring up the transaction that created it. If not, the double click on the amount in the list until the transaction displays.


 

Highlighted
Level 15

Unapplied Cash Payment Income

"I would like to see P&L both on cash and on accrual basis same. The difference is $932,000."

 

Are you using AR or invoicing as part of this? "Unapplied" indicates you processed as AR a Received Payment for a customer name, dated earlier than charges or having No charge for that name at all. When you uare using a JE for POS, you should never use AR or Names. You would set up and use your own Other Asset account, for "house charge" increase and decrease, as one example.

 

Take a look at this example:

https://www.youtube.com/watch?v=NxYliKN0fxE

See how to set up and enter a Daily Sales Summary as a Sales Receipt in QuickBooks Online. This is perfect for companies using a cash register or point of sa...
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Community Champion

Unapplied Cash Payment Income

Relate your invoices to be prior to the payments and it will remove that unapplied acct.
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Level 3

Unapplied Cash Payment Income

Hi. I have a similar problem. P&L for 2019 shows $8000 in Acc Unapplied Cash P Income.

If I go and adjust the date of invoices to the date of payments it will not give any problems in other reports?

And also, some of the invoices can’t be changed in dates, so should I change the date of payments then?

Thank you!!!!

Highlighted
Moderator

Unapplied Cash Payment Income

Welcome aboard to the Community, @Vanna.

 

When recording transactions in the QuickBooks system, I suggest you mirror 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:

 

  1. Log into your QuickBooks account.
  2. Select Reports.
  3. In the Find report by name field, enter Open Invoices.
  4. Set the report period, then select Run report.
  5. 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 instruction in the order shown to get this fixed.

 

If there’s anything else I can help you find in QBO, post a comment below. I’m here ready to assist further. Have a good one.

View solution in original post

Highlighted
Level 3

Unapplied Cash Payment Income

Thank you.

I was wondering is it possible/legal to go back and change date of the invoices? They will stay in the same month +/- day or two, is that fine?

 

Highlighted
QuickBooks Team

Unapplied Cash Payment Income

Good afternoon, @Vanna.

 

Thank you for your feedback, it helps us improve and grow. I strive to provide the best possible support.

 

For you to get the solution, I'd suggest consulting with your accountant to be sure.

 

I'm unable to advise you on which route would be best for your business, but you can change the date of your invoice.

 

QuickBooks automatically assigns numbers to your transactions unless you turn on the Custom Transaction Numbers. Once this feature is turned on, this will as an Invoice No. field where you can enter any format you want.

Here's how:

  1. Select the Gear icon, then choose Account and Settings.
  2. Pick the Sales tab.
  3. Click anywhere within the Sales form content section.
  4. Check the box next to Custom transaction numbers.
  5. Go to Save and then Done.

I'm also providing a link to customize you transaction numbers as well: Customize Your Transaction Numbers

 

If you have any more questions, please don't hesitate to reach back out. Have a great rest of your day!

 

 

 

Highlighted
Level 2

Unapplied Cash Payment Income

Could you please explain how to resolve unapplied cash payment income that has deposit or invoice as the transaction type?

Highlighted
QuickBooks Team

Unapplied Cash Payment Income

I'm here to help you link your deposits to your invoices, kanthony. 

 

It looks like that we created a Bank deposit to receive the payment and created an invoice for the purchases. We'll link the deposit to the invoice to mark it as paid.

 

Let's open the deposit first to edit the accounts. Let me show you how:

  1. Go to the Sales menu and click All Sales
  2. Locate and click the bank deposit
  3. Under the Add funds to this deposit section, select Accounts Receivable (A/R) in the Account fields. Changing the account to A/R allows us to apply it to an invoice. 
  4. Click Save and close

AR.PNG

To link the deposit to the invoice, here's how: 

  1. Let's open the invoice still from the Sales page or in the customer's transaction list. 
  2. At the upper-right, click Receive Payment
  3. Select the Invoice and to apply and at the bottom check the Deposit under Credits
  4. Click Save and close

AR3.PNG AR2.PNG

You might want to repeat the steps again for the rest of your deposits and invoices. After applying the payments, we can now open your Profit and Loss reports to check if the Unapplied Cash Payment is cleared. 

 

Let me know if you need anything else with managing your sales. Thanks!

Level 2

Unapplied Cash Payment Income

I'll give this a try, but wanted to go ahead and thank you for responding.  This is such a valuable resource.  I'll keep you posted.

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Level 2

Unapplied Cash Payment Income

This worked beautifully.  Thank you!

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