Our previous bookkeeper made payments to a vendor but did not match the invoices paid to the checks. The vendors balance is showing a negative amount. I checked the audit trails for the transactions, and corrected the transactions to reflect the invoices paid. I cannot find where the negative balance comes from, we owe nothing to this vendor. Any suggestions on getting the account to zero?
Hi there, @Angie13,
A negative balance on your vendors account can happen when payable checks were written, but there are no bills created or the original bills got deleted. It's also possible the bill was overpaid.
Let's pull up the Accounts Payable Aging Detail report and scan through the report to see negative amounts.
Once done, go back to the Vendor list, the balance will is now zero.
On the other hand, if the bill was overpaid, you have the option to apply the credit to the next transaction.
Should you need some clarifications, please let me know and I'll get back to you.
Same issue but different question. Our company has had several different bookkeepers all using credits from the vendor differently. I have used current credits that I have received since I started doing the books, but there are credit balances hanging out there from 2018 and I cannot find a paper trail or account that these credits are hitting. I have tried to review the audit trails but I do not see anything. Is there report that I can generate for just credits received from the vendor?
Thank you for posting here in the Community. I'm here to assist you with any questions you may have regarding the vendor report in QuickBooks Desktop.
You can try to create a custom report to obtain the available credits within the QuickBooks program.
Here are the steps:
See this screenshot for your visual reference:
The Check Detail report will also show multiple bill credits on your vendors. For the detailed steps, I'm adding the article I recommend on this (scroll down to A report that shows how Bill Credits are applied):
Please don't hesitate to come here with all of your needs concerning the vendor report for the credits. The Community is here to ensure your success.
I'm glad to know the information above helps you with the credit. Allow me to help provide additional information regarding running the report in QuickBooks Desktop.
Available credits should show the amounts on the Open Balance column in the reports. If you're unsure of the results, you can always double-click a transaction in question to view the bills paid and payment amount.
If the information showing is still not correct, you can also try running the Verify and Rebuild Data utility. By running this process, it'll self-identify any data issues and resolve them on your behalf.
For the detailed steps, I'm adding the article I recommend on this:
I look forward to serving you to the best of my ability, so please let me know for any further assistance you need. The Community has your back.