QuickBooks Online does a great job of keeping track of who owes you, and who you owe money to. This is essential for organized bookkeeping. Understanding why your vendor is showing an open balance far larger than expected is so important. Don't worry, I'll help you get back on track.
Firstly, double check your filter settings on the Supplier Transaction List. When you click on your supplier, you'll see a drop-down menu that says Filter. Check that you've selected the appropriate settings here, such as transaction type and date range.
The next thing you can look into are journal entries. Do you have any journal entries tied to the supplier? This may be impacting the open balance.
Alternatively, the open balance may be affected if you've migrated your data from QuickBooks Desktop, or another software. Migrating may have brought over an existing open balance.
If you've tried all the above steps and you're still seeing an open balance larger than expected, I recommend reaching out to our phone support team. These agents have the ability to remotely share your screen, and they'll be able to more thoroughly investigate what may be happening. You can contact them at 855-253-1536 from Monday - Friday, 9am - 8pm EST, and Saturdays 9am - 6:30pm EST. I'm confident they'll be able to get you back on track in no time.
I hope this helps. Let me know if you have any questions.
Open Balances that are higher than your actual balance usually occur when you have payments that have been assigned to the vendor, but not applied against open invoices. You would need to back in and find the unapplied amounts and apply them. Then your open balance should match the actual balance.
Journal entries will show up on the supplier profile page under specific circumstances. The journal entry must include the Accounts Payable (A/P) in the ACCOUNTS column. Also, make sure to select the corresponding supplier under the NAME column. When recording operations related to your suppliers, I suggest using the Bill and Expense features integrated in the system to avoid any confusion.
To know more about creating journal entries, check this community article.
Let me know if you have any other question.