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Experienced Member

If there is A/P balance for vendor, how can pay for it on next Fiscal year??

There is account payable balance in some vendors in my company at end of the F/Y 17/18. but we paid it on F/Y 18/19. can you tell me how can we pay for it on QB. (Ex. using write check or pay bill.)

Thank You.

3 Comments
QuickBooks Team

Re: If there is A/P balance for vendor, how can pay for it on next Fiscal year??

Let's verify in your vendor balance report if there are unlinked payments first, DNM2MAIL. 

 

If there are existing payments not linked, you'll want to go back to the Bill you will pay. From there, click the Pay Bills icon on top and click Set the Credits. Mark check on the existing credit and then click Done

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On the other hand, if these Bills aren't paid, create a bill payment to close them. 

 

Reach out to me if you have additional concerns. I'm here to help!

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BRC
Established Community Backer ***

Re: If there is A/P balance for vendor, how can pay for it on next Fiscal year??

Your reporting periods don't really matter.   Basically enter the bill using the bill date and create the payment when you're ready to pay the bill. 

There is no special action or consideration needed when the dates of the two transactions span a quarter or year.

Established Community Backer ***

Re: If there is A/P balance for vendor, how can pay for it on next Fiscal year??


@DNM2MAIL wrote:

There is account payable balance in some vendors in my company at end of the F/Y 17/18. but we paid it on F/Y 18/19. can you tell me how can we pay for it on QB. (Ex. using write check or pay bill.)

Thank You.


For there to be an A/P balance means you entered Bills in 17/18. Those are now, if you are Accrual, 17/18 expenses even if you never paid them , ever. Well almost forever. The payment by using Vendors>Pay Bills, closes them out. Date of check is date of payment. If you want it to be a FY 18/19 expense you would have to be a Cash basis accounting.

 

That's the beauty of the Accrual system, all you need are a shoebox of valid vendor Bill's you never plan on paying and you never will have a tax bill,downside is a those customers of yours who don't pay you, well you pay tax on that invisible money as does the vendor you don't pay.