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Experienced Member

Clear AP Balances

Hi,

 

I'm hoping to find a way to clear out AP entries that have been fulfilled in our Exchange Account. When setting up an invoice, the net share to our client hits the AP account. Once the payment has been received, we pay out to the client, ultimately zeroing out the liability. 

 

We have a good amount of activity in our exchange account and when trying to reconcile, I have to sift through hundreds of lines of fulfilled payments. Is there a way to clear these off of the balance sheet so that I only see the true amounts outstanding?

 

Thanks.

1 Comment
QuickBooks Team

Re: Clear AP Balances

Thank you for reaching out to the Community, @kevinoc0.

 

I'm here to help figure out how to clear your AP balances in QuickBooks.

 

The check for the net share payment should zero out the AP balances. You'll need to open the issued check payment to verify if it's linked to the AP account and not a liability account. 

 

I'm including this helpful article in case you need to resolve your AP balances: Resolve A/R or A/P balances on a cash basis Balance Sheet.

 

Also, if you need other references in the future, you can always access our site: Help articles for QuickBooks Online.

 

This should help get you back on track. Keep me posted if you have other questions about clearing your AP balances. I'm here to help.