Hello kernohan4,
It's important for everything in your books to line up properly. QuickBooks Online includes powerful tracking for accounts payable and receivable. To use the full potential of this tracking, it's best for everything to be consistent across the entirety of your books. Often the roots of these discrepancies can be found by running a few simple reports, and it's great to see you're already on the right track. I'll be happy to provide you with a few additional options to get this sorted.
It sounds like you've already looked into this thoroughly, so you may have already tried this. Most discrepancies related to aging reports are caused by the Aging Method. It's just a few steps to confirm if this is the case for your books:
- Head to Reports and select your Accounts receivable aging summary or Accounts payable aging summary.
- Under Aging Method, choose Report Date.
- Select Run Report.
If the discrepancy is still there, the easiest way to pinpoint it is by comparing your Aging Summary to your Balance Sheet. Here's how to run your Balance Sheet to easily compare it with your aging reports:
- Go to Reports and run the Balance Sheet.
- Click on the Amount for Accounts Receivable or Accounts Payable.
- Select a Report period with the same end date as your aging report, and a start date that precedes the first transaction.
- Select Name in the Group by menu then Run report.
You'll see the amounts by customer or supplier. Click the arrow to the left of a name to hide or expand the details as needed (we only need to compare the Amount column). If you notice a supplier with a discrepancy, create a Cheque transaction with them as the Payee then select open credits and payments to apply to a bill (the cheque amount should be 0). For a customer, follow the same process with the Receive Payment option.
If you're unable to get the cheque or payment to 0, or are unable to find the root of this discrepancy, your accountant will be able to assist you further. You can easily invite your accountant as a user so you can work on this together. To find one in your area, simply head to the My Accountant tab in QuickBooks Online then click on Find a pro to help.
I'm here for you, so let me know if there's anything else I can help you with.
