QuickBooks’ Vendor Balance report does not capture the records correctly

Software: Intuit QuickBooks accounting software

You did a few general journal transactions with the Accounts Payable account, but these journal transactions did not capture in the Vendor (Supplier) Balance report. Why?

The Accounts Payable is part of the Current Liabilities, which is a ‘Control’ accounts capturing all the bills and payments related to Vendors, whereas the Vendor Balance Detail Report is like a sub-ledger, sum up the transactions by each vendor.

Based on the relationship between the accounts payable and the Vendor Balance report, unless the account used is not an account payable type, any transactions which tagged with the account will show in the report.

If you preferred using the General Journal than entering Bill to record amount owing to the Vendor may have created the ‘accounts payable’ as a Current Liabilities type of account accidentally instead of an Accounts Payable type. Hence, it doesn’t capture into the Vendor Balance report due to wrong account type used. Although the account name (Accounts Payable) could be the same, the account type is different.

Accounts Payable

To resolve the problem, create a new account with the correct account type and amend the transactions if there is a mistake made. You should consult the accountant before you make any changes to the record as it may affect the financial report. QuickBooks may allow you to make changes to the database, but it does not imply that you can change it (Especially if the account has closed or transaction is in the previous financial period).

Comments are closed.