19d • 📗 QuickBooks
Quick Books-unapplied payments! New Accounting term "hidden"!
Something that I don’t like about quick books (sorry).
If you think an invoice from a client has been paid but cannot locate the receipt it may be shown as an 'unapplied cash payment':
On a cash basis, Unapplied Cash Payment Income shows on the Profit & Loss Why?-because QuickBooks has received money but hasn’t matched it to an invoice.
On accrual basis, that amount does not appear as income at all.
Instead, it sits on the Balance Sheet as a liability (basically “money received but not yet earned”). In fact, it is very difficult to find on the balance sheet as it is ‘hidden’ in the accounts receivable balance!
Accounting term ‘hidden’ meaning very difficult to locate!!
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Quick Books-unapplied payments! New Accounting term "hidden"!
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