WSW - Podcast Unapplied Cash Payment
===
[00:00:00] [00:00:30]
Welcome to another Workshop Wednesday brought to you by schoolbookkeeping. com, where it's casual conversations for serious workflows. Hi, Rachel. How are you? I'm good. How are you? You're eating. No. I don't know what you're talking about. Don't know how that got in there. [00:01:00] Apparently the intro video is not long enough for Rachel to get a little snack.
We'll, we'll have to extend that for next time. Well, today we're going to be talking about, uh, this is kind of like one of those fundamental truths. Um, that I like to call, you know, we, we, we talked about the, the fundamental truth of the opening balance, uh, of when you go to reconcile, right? Like, uh, there is always something [00:01:30] making up that opening balance.
You can't just, uh, change these things. So in QuickBooks, there are some things that are just fundamentally always. Going to be the case, right? And when you understand those things, um, I, I, I think, I hope that there's a light bulb that goes off and like, okay, it allows me to, to work within those confines when I know, when I know the rules of engagement [00:02:00] or I, I know the rules of, of what, what QuickBooks is, is doing, then, That, that, that allows me to work, work within that, Rachel, what do you, what do you think when it, when it comes to, to some of the shenanigans of QuickBooks?
Yeah, I, I, I always sort of figure, you know, there's always like, I think as your, your example is like for opening balances and that kind of thing. I [00:02:30] usually. If it's something that I'm a little unsure about within QuickBooks, I always just sort of, um, go with the, the rules of accounting as if there's two sides to everything.
And so, um, you know, that's just, when, when you have a new QuickBooks or a new account or a new something, If there's something that just sort of appears there that you're not really sure. Um, I just use, usually [00:03:00] always think about the rules of accounting and that kind of helps me. But I'm not the QuickBooks expert, so I'm going to let you.
Well, I mean, I definitely, at this point, I feel like I'm probably an expert level, but not compared to you. So if you're getting at something specifically, I'll let you explain that. Right. But sometimes I have to work myself backwards. I'm like, okay, accounting is telling me this. Yeah. What is going on in QuickBooks?
So I know enough to know those are [00:03:30] two separate things sometimes. Yeah. So, so this is one of those situations. And I, and I bring this, this one up because we had a quick answer, um, client that, that came in to school bookkeeping and. Was like, what in the world is this account and why is it on my balance sheet?
Or why is it on my profit and loss? And this is one of those things, I mean, I worked into it for 18 years and this was a constant [00:04:00] question that, that, that people had about this unapplied cash. And I think part of the confusion, especially, you know, if you've worked with QuickBooks, both platforms, desktop and online, is it's one of those things that's, you know, It's not in QuickBooks Desktop, it is in QuickBooks Online.
So when you, especially if you're coming from desktop, it's, it's a foreign thing. Yeah, for me too, because I worked in, [00:04:30] um, other accounting softwares before and I hadn't seen that. And so, yeah, I mean, I know what it is now, actually, I think probably thanks to you. Yeah, you're one of the people I've told this to, um, but we have a blog on, um, on school bookkeeping that talks about this account and we'll, we'll go in and I'll share my screen and everything.
And we'll, we'll kind of run through a scenario of, [00:05:00] um, of that, but I'm trying to find the place to put it in there. There we go. Sometimes, uh, talking and clicking is not my strong suit. Do you have the same problem where you Or can you, can you multitask? I can multitask. I'll see. Maybe that's something that, uh, that we should, we should learn.
I am right now. I'm baking cookies. It's like an easy bake oven over there. I'm just joking. [00:05:30] All right. So, um, so this, the, the challenge here is that on a cash basis, when you run a profit and loss, There is a special account and this is, this is again, you know, kind of leaning into, uh, some of the functionalities of, of QuickBooks that are just kind of, They are what they are and they aren't what they aren't, right?
You just, you just kind of have to work within the, the rules of the game until they change the rules [00:06:00] and maybe they won't, right? Because if you look at a QuickBooks article about what is, uh, this unapplied cash payment account, um, and you see this for revenue and you see this for expenses. Um, they're referencing some IRS, some obscure IRS article.
That says, when you have a payment that is unapplied on a cash basis [00:06:30] here, I'm putting all these words together, right? You have an unapplied cash payment. You need to recognize the revenue, right? So the situation, you know, the workflows is I have an invoice. And then I have a payment. If I have a payment that is unapplied to an invoice, I can't recognize the revenue off of the invoice because it's not tied together.
Right. So when that, when that occurs, [00:07:00] uh, it puts the revenue into this nebulous, unapplied cash payment account. And when that happens, or when people see that, I'm like, why is that there? Right. Well, there's two scenarios that, that make that happen. The easiest one to explain is you have a payment that's unapplied, right?
Um, so when you record a payment, you know, customer payment or a bill payment, and [00:07:30] don't apply it to its preferred transaction of an invoice or a bill inside of QuickBooks Online, and then you run on a cash basis, QuickBooks, according to this IRS regulation, needs to recognize the revenue of that payment.
Which makes sense. You know, from a, from a cash pace, cash basis, right? You're receiving cash that's revenue. You want to recognize that or you've paid for something. [00:08:00] Beauty is the expense is only revenue on a cash basis. Right. If you're on an accrual basis, cash isn't revenue. That's coming from someone going through their master's in accounting.
Yeah. So, well, cause you're, you're talking about on a cash basis and, and so I think it's important to say that typically when you're issuing invoices. You're, [00:08:30] that's sort of by definition, you're operating on an accrual basis because invoices and bills, meaning accounts receivable and accounts payable are usually a functionality of an accrual based business.
A cash business, well, recording on a cash basis and running reports on a cash basis are a little bit two different things, but if you're actually Let's say you're running [00:09:00] your business on an accrual basis, but let's say for some reason that invoice date is further down the road, but you've somehow already accepted the cash on your books when you run a cash basis report.
If the invoice isn't present yet on that earlier date, it's going to throw that cash deposit into unapplied cash income. Is that right? It's really a timing thing. Yeah. [00:09:30] Yeah. I mean the whole purpose to your point, your whole purpose of doing an invoice and a payment later is to account for the passage of time between the time that I've sent somebody an invoice and the time that I've.
Receive the payment. So this gets really wonky when, uh, from the IRS's standpoint, is this company a cash based business or, or a, [00:10:00] uh, accrual based business? Because you're doing things on You're using accrual transactions in a cash basis. So what does QuickBooks do to, to, to, to kind of tie that back together is that when you do use accrual based transactions, invoice payment, bill, bill payment to account for the passage of time, because you want to run reports of like what's overdue, you know, those [00:10:30] types of things in order for it to recognize.
The revenue, it bases things based off of the payment date. As opposed to the date of the thing. Right? Right. So herein lies the, the, the dilemma. You're running a cash basis company, but you're using accrual type transactions to, to resolve that dilemma. It [00:11:00] will, Recognize everything on a cash basis based off of the payment.
The payment is the source of the revenue, right? So which I don't love I've already stated this before i'm not a fan of cash basis, but i'm a hardcore accrual gal But I do get the benefits. There are obviously, you know tax related benefits to Running your reports on a cash basis. I Usually I always enter the data on an accrual basis, but [00:11:30] yes, I have clients that run their reports on a cash basis.
So, you know, this is one of those other fundamental truths of like, okay, I have an invoice dated last month. I've received a payment today. QuickBooks is going to recognize the revenue when you do it right. When you've tied these two together, QuickBooks has no reference to the revenue or anything else, uh, associated on reports when it comes to a profit and [00:12:00] loss last month, because regardless of whether you created that invoice last month, last year, whatever, it doesn't recognize anything until it gets to the date of the payment that it's applied to.
Yeah. And in some, and in some situations people really do want that because they might have some customers that are 30, 60, 90 days. And let's say they're getting paid after the 90 days. And in [00:12:30] some situation, some situations they might've sent the invoice. in September and it's now January and they're only receiving these cash payments now, there might be an advantage of Recognizing that on a cash basis in January versus when it was earned, which is the definition of an accrual basis.
And it's, by the way, I usually always say, um, even though I'm working towards, um, that getting my masters, I usually. Do. [00:13:00] Um, I explain how that works and I say that there are benefits to, you know, sometimes either, but I usually point them to the direction of their CPA. I say, take that ultimately up with your CPA and you guys make that decision together.
And I do defer that to the tax professional. Um, I don't dispense that advice. I certainly let them know. the rules and I, um, do have to nitpick. It's actually a GAP [00:13:30] rule, which is governed by FASB and it's actually not an IRS regulation, but that's okay. Well, according to, according to Intuit's article, they refer to IRS cash, cash base reporting regulation, but Then that begs the question, well, why doesn't desktop do this if this is a regulation?
Yeah, I didn't realize that desktop didn't do it, but I also was a desktop user a long time ago, and I, in [00:14:00] recent years, hadn't been a desktop user when I came back to QuickBooks World. I went straight to QuickBooks Online, so I'm more familiar with seeing that unapplied cash payment thing. Um, I didn't realize that wasn't in.
Yeah, my answer was always, Man, I don't know. Um, but so you're saying basically is if somebody is seeing an amount when they're running a P and L on a [00:14:30] cash basis. Because you're not going to see that account pop up if you're running it on an accrual basis. You're only going to see it if it's on a cash basis.
The fundamental truth is that you, you know, if you're running it on accrual, it's looking at everything on the invoice. Right. The invoice date is the date of income recognition. So now, so if we're running it on a cash basis and we're seeing that amount, Is it fair to say that it's really a timing issue?
It's a, it's a, it's a matter of [00:15:00] the date that you're running a report versus the, you know, it's, it's, it's running on an earlier time before that invoice was matched up with the actual payment. Exactly. Yeah. And, um, so, you know, when you're running a cash basis report and, uh, you're using invoices. And that, that date is the timing of the dating, the dating of the transactions becomes super important, right?[00:15:30]
Because the, the report is going in sequential order, right? So it's going to be looking at. The date of the payment when that occurred and regardless of whether or not there's a, you know, it's only going to see it if it's, uh, well, it's, it's not going to, it's going to see it regardless of whether it's paid, you know, uh, tied to an invoice or not.
However, the unapplied cash [00:16:00] payment will be, will. Is essentially a clearing account. Uh, when that happens, right? So there's two scenarios of where you'll see money or you see funds or see them mount inside of unapplied cash payment. One, it's easy to understand you have a payment that's unapplied, right?
So it's, so it's got, it's got to recognize it somewhere on the. On the profit and loss to you have it applied, but the dates are messed [00:16:30] up. Right. And, and, and, and this is where you're, you're doing some kind of advanced workflows, but using accrual based transactions to, to, to bridge that gap. Right. And you mentioned it earlier, I receive a payment upfront, right.
For, for an invoice, right. Which. You know, your, your masters is going to tell you, well, you shouldn't be entering that as a payment. Anyway, that's unearned revenue. Right? [00:17:00] So you're doing it, you know, you're doing what QuickBooks allows you to do, but you're not doing, it's not going to be handled in the way.
That your bookkeeper, accountant and CPA are going to want to see that. So, um, when you are receiving upfront payments, you don't want to enter them as customer payments in QuickBooks. You want to do that. You want to do another scenario so that the accounting is right. And we have a whole other workshop on handling upfront deposits.
But. [00:17:30] If you, you know, that's the simplest scenario of I've received money before I've actually invoiced the customer. Right? So now the account or the, the accounting or the transactional dates, it's going to come across and see, ah, there's a payment. Where's the invoice? Oh, that's, that's another date. Okay.
Well, I got to put it in unapplied cash payment on this date. And then when I get to the date of the invoice, that's when I will reduce the unapplied cash payment and [00:18:00] actually recognize the real revenue of the invoice because that's where it's where it's happened. So let's show it, shall we? Okay. Okay.
And we're going to go over here and share this guy and over here. Oh, I gotta show it. I shared it, but I didn't, I shared it, but I didn't show it. All right, so we're just going to use a, uh, a general, um, this is a dummy, um, dummy account here. [00:18:30] So let's, uh, let's run a profit and loss for this month. There shouldn't be anything in here.
I'm just, let's see. Oh, of course there is. This month. This month. Run the report. Now there's a couple things in there, but that's okay. That's an expense. All right. And we run it on a cash basis because that's what we're talking about. All right. So we receive, uh, we're going to create an invoice [00:19:00] last month.
That this guy in here. Selling some candy. 9. 62. I'll make it easy of 100. Really expensive candy. Um,
why is it still 0? [00:19:30] It's not. Oh, well the balance due is still showing as 0. Oh, that's weird. Oh, it's subtotaling. Do you have to tab out or something? Um, yeah, it's shenanigans. Uh, let's just save it. And there it is. Okay. It shows up. It was the whole sales tax stuff, I believe. All right. So it's a hundred.
Let's just make it non taxable for ease of seeing it. And I'm [00:20:00] going to date this last month, right? Yeah, I know. Oh, Why did it go back to, okay, stop it. Don't you know, I'm sharing my screen on a live webinar. All right. So it's last month, April fools, a hundred dollars, saved it, close it. I'll go back to my reports on a [00:20:30] cash basis.
This last month, nothing. This month, nothing either. Right. So this month,
all right. So nothing's showing here because I haven't paid for it yet. All right. So let's, let's receive a payment and go back to that invoice
and then we'll receive a payment.[00:21:00]
No, just a hundred bucks. I don't think that was the one. That's it. No, there we go. A hundred bucks today. Got the date. All right. And we're going to save and close. So it's applying it together. All right. So normal circumstances here.
Go back to our [00:21:30] report. So last month on an accrual basis, there's our, there's our 100, uh, showing up there for the invoice. But if I run it on a cash basis last month,
why is it still there? I don't think it's refreshed yet. There you go. Hang on a second. Let me look at it, drill in here, oh, there is two,[00:22:00]
hold on a second here, oh no,
oh, You're still on accrual. I went on accrual, yeah, on a cash basis, last month, it's still there, why, ok, let me just,
Well, did you receive the payment in April? That's why it's saying Oh, it was, it was [00:22:30] dated today. Oh. Let's go in here. Let's look at the transaction. Yeah, there's our hundred. It says there's two payments made. I don't know what you did. What did I did? Ah! You did something! Oh, it applied a credit. Yeah. From then.
Okay. Golly.
Hang on. All right. So let's [00:23:00] just change the customer to test.
Get rid of the, um, let's not send it to anybody.
All right. So far, so good. Mm. Mm. Mm.
Let's look at our report again.[00:23:30]
Last month, it always defaults to accrual. Alright, no income.
Alright, good. Now, let's go back to our invoice,
and we'll receive a payment today. Okay, I'll edit this out in post. I hope Hector Garcia is not watching this, because you're not [00:24:00] using RightTool. I know. It's over here.
All right, so I got a payment. There's one payment, uh, for a hundred dollars. Now when I run it on a last month on the cash basis, nothing, accrual, yes. Yes, because of the invoice. Now if I run it for this month, this month, [00:24:30] there it is, accrual, nothing, cash, A hundred dollars, right? Now what, uh, what could happen, right, is that these, these are reversed.
You know, maybe I've received a hundred dollars ahead of time, right? So let's go into that and we'll switch the dates around and see the results of the report, right? So I'm going to change this to today.
I know [00:25:00] that oil and water meant, uh, memo. And then I'll go into the payment from here and change the payment to April 1st
and close. And we'll see our, it is saving, right? Did I click it? I'll click it again. There we go. [00:25:30] Um, so we'll see the impact on the report now.
Reports.
So last month on a cruel basis, doesn't even show, but on a cash basis, gasp. That's because you have [00:26:00] a received cash payment and the invoice falls in the Next month. Right. Well, what if I run this for this month, right? So that's, let's see. That's the gate. That's the thing here. Uh, this alphabetically. Come on.
Where are you? Last. Oh, this is up here. Okay. Sorry. This month on an, on a cash basis, sales of product income [00:26:30] is showing here because we have a negative unapplied cash payment. showing up here to wash it out. So I have zero, uh, I have zero on net income, but now I've got this, what is going on here, right? So when zoom in on total income, we can see what QuickBooks is doing in the, in the background here.
It is removing on the date that it actually gets to the invoice, [00:27:00] removing the unapplied cash payment because that was recognized last month. Because the, in the, the payment was created last month, this is now washing it out, but then putting it to the right sales revenue account based off of the, the invoice item that it's pointing to.
So that's what you end up seeing a lot of times is this ins and the, the, the comings and goings. Right. So let me go into, I'm gonna do one more [00:27:30] thing here and put this ahead of time. So we'll still put the, the payment before the invoice. But we'll put it in the same month so we can see it all all happen in the same month So we'll do this on may 1st.
It's even close or you could just run it the report for april and yeah Yeah, yeah, you got that
You're acting like me, [00:28:00] you know, you could actually do this better. Oh, why did it close? Okay Are you calling your undeposited funds cash on hand? um I don't know. This is my Sandbox. So I, this is not real. All right. So now for this month, which alphabetically comes before last apparently, [00:28:30] uh, run it on an accrual basis.
All we see is the sales of product income for a hundred dollars. Now I'm running on a cash basis for this month. We see sales of product income for a hundred dollars, but now this nebulous. Zero in unapplied cash payment income. So when we look at it, look at the grand total for, for income there, we see the ins and outs [00:29:00] and we see it on the date, right?
So it increased the, and, and this is part of the challenge of, of really understanding this fundamental truth of unapplied cash payment is that it has to get to the payment first, sequentially. See what the impact of that payment is and then when it gets to the actual invoice that it's applied to Then it rolls it back and puts it to the the revenue account [00:29:30] in in question This can be super challenging when you have A payment that's not in the same period, as you saw by, by, by running those, uh, the, the, the report for this month.
And it's out, you know, the payment is outside of that date. You see only half of the story here. So as long as, you know, because, uh, a profit and a loss is a transitory account or a transitory report, meaning that it will only look at [00:30:00] transactions that are in that period of dates that you're, that you're looking for.
Um, No, not looking at things that are outside of the, of that date range. So you kind of like looking in a porthole when you're on a cruise ship, you only have so much to look at and you don't see the whole picture. You need to go up to the Lido deck. Okay. I like that. I like that analogy. In accounting we call it a [00:30:30] temporary account.
Okay. All right. But that is part of the challenge and the flip side of this is. Expenses, right? So same situation is going to unfold if you have a bill payment connected or connected to a bill that is outside or reversed. Now, what's the easiest way to handle this is change your dates. Right. You know, change the dates of the invoice so that [00:31:00] the invoice proceeds and then unapplied cash payment will never come into into play when you have this situation where you have a payment connected to an invoice.
But sometimes that's not the reality, right? Like, you can't necessarily. If, if the invoice and you want to, if this invoice was not paid in full, right, you want to have the due date and the, you know, the, the aging of this report, uh, or the aging of this invoice based off of the date of the invoice, [00:31:30] as opposed to the date of the, The payment and everything else that falls along with that.
You can play around with the due dates and change the dates and that you have those, those options. But in the reality of receiving a payment, you know, if you've really received a payment before. the invoice, then you don't want to connect it like this when you're running it on a cash basis, unless you realize you're going to see unapplied cash payment [00:32:00] on your profit and loss.
There isn't anything that you can do about that when you're running it on a cash basis. I will tell you 99 percent of the time that I see this, I used to see it a lot when I dealt more with service based businesses, but, um, The most of the time I would see it when people would go around and monkey with their invoice dates and a lot of people will do that in I usually always say don't ever do that because [00:32:30] I'm just more of an accrual gal, and I like to leave the invoice for when it was actually issued, when it was earned, and I always tell people don't mess with that.
Um, but I do know that a lot of people will go in and they'll, they'll mess around with the invoice date, and when they do that, then they'll see. That they have changed the invoice date until after the, the payment came. And then they'll see that on their PNL because they're running it by a cash basis, [00:33:00] and then they'll call me and ask like, what have I done?
And it's usually always because that they have messed with the invoice date. Yeah. And then there's some ramifications of changing the invoice date, especially if you've emailed this invoice to the customer. They can see that you're playing around with the dates. Like what's going on, what's going on over there?
That's why I just don't ever mess with invoice dates. Like an invoice is a source document. So I just leave it. Um, you know, if there [00:33:30] ever needs to be, you know, it needs to be modified or edited or something like that. Um, you know, that's fine, but I usually don't like to mess with the invoice date. One thing I wanted to do is, is change the invoice date.
Uh, and this is the other, you know, ramification that I've just been clicking through, but the date in this, you know, when they're doing sales tax, uh, in, in QuickBooks, that's going to have a ramification on sales tax, whether they're on a cash basis or accrual basis there, [00:34:00] uh, by changing the dates around that, you know, especially if they've already Paid for their sales tax and then they, and then they put it in a period that they paid for it.
It's just. Yeah, it causes a lot of problems. Lot oil and water, right? So if I do it on the same date, they even close. We don't wanna send it to anybody. Uh, I saw a question come in. What does that say? Uh, I'm, I'm, [00:34:30] my eyes aren't looking when it, uh, when I'll throw it up there. What does that say that when a change is me, I don't know.
I can't see anything. Oh, you know what, it's 'cause I made my screen bigger. . There it is. When a change is made to an invoice, does the invoice receive a notification or do they. Uh, see the change the next time they look at the invoice. Yes, when you, um, when you change it, um, they won't see anything unless they go back to that review and pay, um, link and go to pay it again.
And they'll see that the, the [00:35:00] date has changed or, or something like that. They don't get a notification that you've made changes. Um, and of course I Again, I was thinking and talking at the same time and clicking wasn't the strong suit. So, it's all on the same date of May 1st. So, if I run it for this month again,
there we only see the sales of product income. We don't see this clearing of [00:35:30] going in and out of the unapplied cash payment. I know in the past it probably had that, you know, show up in there, but now. It does not. Oh, again. Yeah. Well, yeah, you've got it on an accrual basis. Yeah. Okay. But cash and accrual, same thing.
You see it on the same, same date. So as long as it is the same date or after with the payment. And it's applied to an invoice. You will never see a cat, uh, unapplied cash payment [00:36:00] income or unapplied cash payment expense, uh, on your profit and loss, or at least that is the way it is today. I have a question for you.
Um, so I usually, I only, only have a couple of clients that want the reports on a cash basis and they're service related, um, Which fun fact you shouldn't ever be. If you have, if you're doing inventory, you shouldn't ever use cash basis anyway. But, um, just the reports, I mean, the cash [00:36:30] basis reports for inventory are horrible.
Yeah. So that's another, that's another fundamental truth. It's not gap compliant. You have to do it on the curl basis. Otherwise it's not gap compliant. So, um, question though, for, So I, I understand not everybody does it the way I do it. So for folks that do only want reporting on a cash basis, um, and let's say they, [00:37:00] I don't know, for whatever reason, maybe they're not using invoices for whatever reason.
Um, Um, can you set your QuickBooks to default to always run on a cash basis? Because it seems to always default to accrual. I, I think I might, might have missed that somewhere. Well, there's two, there's two places. And this, this gets, um, this for accountants who are using, um, in their, in their QBO, um, one supersedes the other.
And sometimes you don't. If you, if you [00:37:30] don't mess it, if you don't set the defaults in both places, then, um, it's going to be using, uh, this one, right? So when you go to your accountant tools, drop down here and choose reports. That is where you would set the default for you as the accountant. Okay. And where'd it go?
Oh, it's, it's, it's thinking about it. Hold on a second. Let's, let's close some tabs here. Yeah. And I, for those that use right tool, I wonder if there's a setting [00:38:00] in right tool also.
Oh, wait a minute. Oh my gosh. Report options. I was turned into Hector Garcia. I'm like, you know, you could save like four seconds. I know. Precious seconds. That's literally how he talks. Okay. Yeah. So here's the report and tools defaults for accountants, right? So all summary reports, um, so balance sheet, profit and loss, [00:38:30] anything that's a summary report will, will default, uh, to last month from, to, on this basis.
Right. So you would change it to cash here. Yes. Okay. Even though there's, there's no place to save. I don't like that. It's one of those things of, uh, you just have to trust it. You assume that it's saving. I need a button. Right. Uh, but also here, uh, in the company settings, when [00:39:00] you go into the company settings, and where do they move it to?
Here we go. No, where is the company? There it is. The accounting method here is accrual, right? So a lot of times I would get a phone call, right? That would say, Hey, I set it to cash, but it's still running on accrual. Right. And if they're the accountant, those account, those reporting options [00:39:30] has to be set also to cash or accrual.
They both have to match. So, um, this, this, this will show up where like, Hey, client, they run it on a, that when they run the same report balance sheet, uh, it shows up on an accrual basis when I run it, it shows up on a cash base or vice versa. Right. So, accountant, it needs to be updated in both spots. Right.
But in my client, if they're using it [00:40:00] and they want to see it, they only have to update it in this, right? Right, right. All users who are non accountants, this takes effect. All users who are accountants, uh, the accountant tools, Takes effect. Okay. So here we got two fundamental truths in one, uh, in one workshop.
Yeah. All right. So I'm going to stop sharing there. So, uh, whoops, we got big again. There we go. That's, um, that's, I say my daughter knows every [00:40:30] single line from every single Hamilton, Hamilton song. That's a Hamilton song. Wait, what'd you say? To, um, set fundamental truths at the exact same time. All right. So, if we, if we, if we get her to re, re, re, rewrite Hamilton to QuickBooks, maybe she'll think QuickBooks is cool.
Yeah! Oh, I'll tell her Alexander Hamilton used QuickBooks when he was, when he was [00:41:00] creating the U. S. Treasury. That'll make her like it. For the duel. Cool. All right. Well, we're having too much fun here, but, uh, hopefully, uh, you got some, uh, nuggets out of unapplied cash payment. We will take this video, uh, also put it on that blog article as well.
So it's all in one place. Uh, for you and uh, next week we're actually going to start talking about this whole new invoice experience that people is, uh, people are being forced [00:41:30] to. My favorite. Right. So I'll wrap up today and we will see you next week on the workshop Wednesday.
