What are Unallocated Payments?

Jordan Macey

April 21, 2021

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Small Business Accounting

Unallocated payments are where the client has given you more money than they owe.

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Your Balance Sheet and Profit & Loss explained Guide

Your Balance Sheet and Profit & Loss explained

For small business owners and contractors who have just started out, staying on top of your business finances and documents can be daunting.

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What are Invoice numbers? Guide

What are Invoice numbers?

An invoice number is a unique number that is assigned to each invoice. This number is one of the most important elements of every invoice. Its role is to identify transactions, so it needs to be unique. Invoice number can contain only numbers or letters and numbers. It may contain date of issue, name of project or task.

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What are Debtors? Guide

What are Debtors?

The term ‘debtor' refers to an individual or company that owes money, or is in debt to an individual or organisation. An example would be a customer that has purchased a product or service from your business. In the balance sheet, debtors are listed under the current assets section.

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What are Assets? Guide

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An asset is any resource that is owned by a company. There are two main types of assets: current assets and non-current assets. Current assets are expected to be consumed within a year, while non-current assets are expected to be held for longer than a year.

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What is a Balance Sheet? Guide

What is a Balance Sheet?

A balance sheet is a financial statement that provides a snapshot of the financial condition of a company, showing how much it owns (assets), owes (liabilities) and the amount that is left over for its owners (owners' equity) at a specific point in time. It is typically completed at the end of a month or a financial year.

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Small Business Guide to Debits and Credits Guide

Small Business Guide to Debits and Credits

As a self-employed person or small business owner, getting a good grasp of accounting fundamentals can feel like an uphill task.

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What are Payment Terms? Guide

What are Payment Terms?

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What is Retained Profit? Guide

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Retained profits, or retained earnings are profits that a firm has earned to date (after deducting dividends or other distributions paid out to investors) and are retained in the company's accounts. In a balance sheet, retained profits are included under the owner's equity section.

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What is Taxable Turnover? Guide

What is Taxable Turnover?

Taxable turnover is the turnover on which the seller is liable to pay tax.

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What is a Profit & Loss Account? Guide

What is a Profit & Loss Account?

The profit and loss account (P&L) is a financial report that shows the revenue, expenses and profit or loss of your company over a specific accounting period.

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What is Employment Allowance?

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What are Aged Debtors? Guide

What are Aged Debtors?

An aged debtors report shows a list of customers (debtors) who owe your business money, as well as the amount owed at any given time.

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What banks does FreeAgent integrate with? Guide

What banks does FreeAgent integrate with?

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What is Statutory Paternity Pay? Guide

What is Statutory Paternity Pay?

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What is Statutory Maternity Pay? Guide

What is Statutory Maternity Pay?

Statutory Paternity Pay is the amount of money that must by law be paid to the mother of a new baby while she is away from her job.

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What is Statutory Sick Pay? Guide

What is Statutory Sick Pay?

Statutory Sick Pay (SSP) is the amount of money mandated by law that every employee must be paid if they are too sick to work. Employees have to meet certain eligibility criteria to qualify for SSP.

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What are Written Down Values? Guide

What are Written Down Values?

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What are Rechargeable Expense: expensing a client? Guide

What are Rechargeable Expense: expensing a client?

Rechargeable expenses are expenses that are incurred during the performance of your work that you can recharge or recover from your client or agency.

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What are Aged Creditors? Guide

What are Aged Creditors?

An aged creditors report shows who your business owes money to, as well as the amount owed at any given time.

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What are Fixed Assets? Guide

What are Fixed Assets?

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