Thank you so much for these thoroughly explained videos. I was stuck & at a lost w so many things in QBO. Your videos helped me to understand the accounting processses that need to be done. I found your channel after staring at my QBO screen for a couple hours not knowing why I kept duplicating bank feeds transactions 😅 Now I am not watching other channels for QBO anymore. Thanks a million!!!
What happens when someone pays their account ahead and wants to carry the credit until next month's invoice? I have that a lot. Also, I collected payments one fiscal year and waited until next fiscal year (education institution) and to do invoicing to be in correct school year. I have a -$3,000+ balance in uncategorized account. Totally mixed up. Didn't seem to be this way in Desktop Quickbooks.
You may create an Unearned Revenue account and add those funds there. Make sure to add each customer name. You can also create a sub account to each customer to keep track. This video link below talks about how to do that. You may also create a credit memo for the customer. I have a video on unearned revenue if you want to go that route. th-cam.com/video/h3yIgeKGOks/w-d-xo.htmlsi=sl0XhEOniEdvg_K2
Hello, I've cleaned up the Unapplied Cash Payment Income report for the most part. What remains is a pair of transactions with the same date: "Payment" (overpayment by customer) and "Check" (refund check issued by the business); the payment is applied to the check. Why are they still showing on the report, and how can I clean them up? My client actually runs the Balance Sheet reports on accrual basis, while Profit and Loss on cash basis. (In what circumstances would this make sense?) And that's why it's important to clean up the Unapplied Cash Payment Income account. Thank you in advance for your expertise.
If there is an overpayment by the customer them it belongs there. QuickBooks is saying that the customer paid more than what was owned. You can fix my adjusting the invoice to match the amount of the payment. Then go to the payment and apply the full payment to the invoice.
@@ClaudiaXperts The customer should not be overcharged, though, the invoice amount is correct as is. The overpayment should be returned to the customer.
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Thank you so much for these thoroughly explained videos. I was stuck & at a lost w so many things in QBO. Your videos helped me to understand the accounting processses that need to be done. I found your channel after staring at my QBO screen for a couple hours not knowing why I kept duplicating bank feeds transactions 😅 Now I am not watching other channels for QBO anymore. Thanks a million!!!
Great to hear! Thanks for the kind words!!
What happens when someone pays their account ahead and wants to carry the credit until next month's invoice? I have that a lot.
Also, I collected payments one fiscal year and waited until next fiscal year (education institution) and to do invoicing to be in correct school year. I have a -$3,000+ balance in uncategorized account. Totally mixed up. Didn't seem to be this way in Desktop Quickbooks.
You may create an Unearned Revenue account and add those funds there. Make sure to add each customer name. You can also create a sub account to each customer to keep track. This video link below talks about how to do that. You may also create a credit memo for the customer. I have a video on unearned revenue if you want to go that route. th-cam.com/video/h3yIgeKGOks/w-d-xo.htmlsi=sl0XhEOniEdvg_K2
Hello, I've cleaned up the Unapplied Cash Payment Income report for the most part. What remains is a pair of transactions with the same date: "Payment" (overpayment by customer) and "Check" (refund check issued by the business); the payment is applied to the check. Why are they still showing on the report, and how can I clean them up? My client actually runs the Balance Sheet reports on accrual basis, while Profit and Loss on cash basis. (In what circumstances would this make sense?) And that's why it's important to clean up the Unapplied Cash Payment Income account. Thank you in advance for your expertise.
If there is an overpayment by the customer them it belongs there. QuickBooks is saying that the customer paid more than what was owned. You can fix my adjusting the invoice to match the amount of the payment. Then go to the payment and apply the full payment to the invoice.
@@ClaudiaXperts The customer should not be overcharged, though, the invoice amount is correct as is. The overpayment should be returned to the customer.
Should I always check for unapplied cash payment monthly?
Yes, that’s the best way to maintain