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RETHAJOYCE
Level 1

What is an unapplied cash payment and where does it come from in Quickbooks?

My profit and loss statement is showing 20k in unapplied cash payments. Don't know where it came from or what it is. This does not match any of the numbers (cash in/out) in our actual bank statement and has thrown our income tax liability way off. Where does it come from and what is the solution to make it match actual cash in and a spending?
2 Comments 2
Rainflurry
Level 13

What is an unapplied cash payment and where does it come from in Quickbooks?

@RETHAJOYCE 

 

Unapplied cash payment is income received (on cash basis) but not connected to any invoice.  So, for example, if you record a $1,000 payment received in QB on Mar. 1, but the invoice for that payment is dated later, say Mar. 15, then from Mar. 1 to Mar. 14 you will have $1,000 in unapplied cash payment income.  If these payments received don't match your bank statement then, presumably, they are dated incorrectly, were recorded incorrectly, or the deposits were made at a later date.  If you have payments received, there should be a corresponding bank deposit.      

RETHAJOYCE
Level 1

What is an unapplied cash payment and where does it come from in Quickbooks?

Thank you, this really helps.

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