P&L inacurracy

Hello there, @richard H II.

In QuickBooks Online (QBO), unapplied cash payments may appear in your report when a customer prepays and the payment is recorded before creating the corresponding sales form (invoice or sales receipt. Also, if the payments were entered without being applied to any sales forms.

I understand that your invoice and bank account are all aligned. However, I recommend checking your Open Invoices report to further identify any unapplied payments. Here’s how:

1. Go to the Reports menu, and type Open Invoices in the Find report by name field. Then, click it.
2. Set the report period and select Run report.
3. In the Transaction Type column, locate a transaction listed as a Payment.

If you find a payment transaction that matches an open invoice in the report, follow these steps:

1. Select the Payment date to open.
2. Under Outstanding Transactions, check the open invoice.
3. Select Save and Close.

If the payment doesn’t match any open invoices, you’ll need to create a transaction to match the unapplied payment with an invoice. Here’s how:

1. Navigate to the +Create menu and select Invoice.
2. Fill out the form with the same customer, amount, and date as the payment. Then click Save and Close.
3. Go back to the Open Invoices report.
4. Find the unapplied payment, then select the date to open.
5. Under Outstanding Transactions, check the open invoice and select Save and close.
6. Check your Open invoices report to see if there are any more transactions listed as a Payment. If there are, repeat step 2 for each one.

Also, you may want to explore our QuickBooks Live Expert Assisted team. They can assist you with your transactions, accounts, and reports.

We’re always  here to help you if you have any other concerns.