QuickBooks Quirks – Accounts Payable Balances
- Go to Reports > Vendors & Payables > Vendor Balance Summary.
- Compare the balance listed for each vendor to the most recent bill received from that vendor.
- If you discover an amount listed in QuickBooks has already been paid but still appears on the Vendor Balance Summary, you may have improperly recorded the payment in QuickBooks. A common mistake is to enter the check through the Write Checks screen instead of the Pay Bills screen.
- There are 2 ways to correct this.
- If the check has not been reconciled through the Bank Reconciliation feature in QuickBooks, simply void the check, go into the Pay Bills screen and re-enter the payment through this screen. Be sure to use the date the original check was written and the correct check number.
- If you have already reconciled the check on the bank reconciliation, it would be best to go into the original check in QuickBooks and change the expense account to “Accounts Payable.” Then enter the vendor name under the Customer Job column. This will remove the balance from the Vendor Balance Summary report but one additional step is needed. Next, open the Pay Bills screen, select the invoice that was paid and click the “Set Credits” box. Make sure the credit is linked to the invoice then select “Pay Selected Bill.” This will show a zero amount under the amount to pay. Save the transaction.
Your Accounts Payable should now reflect the correct balance in QuickBooks.